Core Scientific, the Nasdaq-listed operator of high-density data centers for Bitcoin mining and AI workloads, said it has arranged $1 billion in strategic financing capacity, including a $500 million commitment from JPMorgan. The company said the combined support from JPMorgan and Morgan Stanley will enable it to execute go-to-market plans and expand its data center footprint.
CEO Adam Sullivan said the financing gives Core Scientific the flexibility to accelerate development and meet growing customer demand, deploying capital to speed infrastructure delivery and related projects.
The credit facility is intended to fund equipment purchases, property and site investments, and energy projects for high-density colocation facilities. The loan carries interest at SOFR plus 2.5%.
Bankruptcy exit and strategic shift
Core Scientific emerged from Chapter 11 bankruptcy in January 2024 after restructuring roughly $400 million of debt. Confronted with rising Bitcoin network difficulty and revenue pressure following the halving, the company pivoted away from expanding its own mining operations and toward offering high-density colocation services tailored to AI and machine-learning customers, leveraging its existing power capacity and real estate footprint.
Recent quarterly performance
In Q4 2025 Core Scientific reported strong growth in its colocation business even as overall revenue declined. Colocation revenue climbed 268% year over year to more than $31 million. Total quarterly revenue fell about 16% to roughly $80 million from approximately $95 million a year earlier as lower-margin self-mining was reduced.
Gross profit rose to nearly $21 million from $4.8 million the prior year. The company reported net income of $216 million for the quarter, driven in part by a GAAP non-cash fair value gain of $330 million; by comparison, it recorded a net loss of $291 million in Q4 2024. Core Scientific finished the quarter with about $533 million in liquidity.
Disclosure: This article was edited by Vivian Nguyen. For more information on our editorial processes, see our Editorial Policy.