Core Scientific has expanded its credit facility to $1 billion after securing an additional $500 million commitment from JPMorgan to support its infrastructure growth strategy.
The financing builds on an existing $500 million commitment from Morgan Stanley, giving the company greater flexibility to fund data centre expansion and AI-related projects.
CEO Adam Sullivan said the backing strengthens the firm’s ability to execute its development plans and meet rising demand for high-density computing.
The funding comes through an accordion feature in its 364-day credit facility, with borrowings priced at a rate linked to the Secured Overnight Financing Rate plus 250 basis points.
Core Scientific said proceeds will be used for general corporate purposes tied to data centre growth, including equipment purchases, real estate acquisition and securing additional energy capacity.
The company is shifting its focus from bitcoin mining towards colocation services and AI workloads as demand for advanced computing infrastructure accelerates.
The move positions Core Scientific to compete more aggressively in the US data centre market, where capital intensity and energy access are becoming key differentiators.
At the time of reporting, Bitcoin price was $70,252.42.