Core Scientific has closed a $500 million, 364-day credit facility with Morgan Stanley, with an accordion option to increase total commitments to $1 billion. The company said the funds can be used for general corporate purposes tied to building and expanding data center assets, including equipment purchases, real estate acquisition and securing additional power agreements. The facility carries interest at SOFR plus 2.5%.
The operator runs large-scale data centers in states including Texas, Georgia and North Carolina, hosting Bitcoin mining rigs and other high-density computing workloads. While most revenue still comes from Bitcoin mining, Core Scientific is converting much of its footprint to support AI and other high-performance computing (HPC) tasks. The financing announcement comes after a share price decline following a fourth-quarter earnings miss: crypto mining income for the quarter fell to $42.2 million, roughly 50% lower year over year.
Core Scientific’s move into AI and HPC follows a turbulent stretch. The company filed for Chapter 11 in December 2022 amid falling Bitcoin prices, rising energy costs and losses tied to the collapse of crypto lender Celsius. It emerged from bankruptcy in January 2024 and relisted on Nasdaq after completing a court-approved restructuring.
After restructuring, Core Scientific began repurposing facilities to host AI and HPC workloads alongside mining. That shift accelerated in June 2024 when it signed a 12-year capacity agreement with AI cloud provider CoreWeave covering roughly 70 MW. In July 2025 CoreWeave proposed an all-stock acquisition of Core Scientific valued at about $9 billion; the proposed deal failed to secure sufficient shareholder approval in October and did not proceed.
Other Bitcoin miners have pursued similar pivots into AI and HPC. In July, Hive Digital Technologies announced plans to expand into HPC with a target of up to $100 million in potential annual revenue. Around the same time, TeraWulf signed 10-year colocation agreements with AI infrastructure company Fluidstack valued at $3.7 billion, with Google backing roughly $1.8 billion of the lease obligations.
The new Morgan Stanley facility gives Core Scientific additional flexibility to fund equipment, real estate and power deals as it transitions more capacity to AI and high-density computing. This summary is based on the company announcement; readers should verify details independently.