Why did Core Scientific secure a $1 billion credit facility?

Core Scientific secured a $500 million credit facility from Morgan Stanley, with the option to expand it to $1 billion, to fund the expansion of its data center infrastructure. The financing will support equipment purchases, real estate acquisition, and new power agreements. The company is preparing its facilities for high-density computing workloads such as artificial intelligence and high-performance computing (HPC).

How will Core Scientific use the new financing?

The loan will mainly be used to expand the company’s data center infrastructure. Funds may go toward purchasing computing hardware, securing additional electricity capacity, and building or upgrading facilities. These investments support both Bitcoin mining and newer AI-focused computing services.

What are the terms of Core Scientific’s loan from Morgan Stanley?

The financing is structured as a 364-day credit facility with an interest rate of SOFR plus 2.5%. It also includes an accordion feature, allowing the total borrowing capacity to increase from $500 million to as much as $1 billion if needed.

Where does Core Scientific operate its data centers?

Core Scientific operates large-scale data centers across several U.S. states. Major facilities are located in Texas, Georgia, and North Carolina. These sites host both Bitcoin mining equipment and infrastructure used for other high-density computing tasks.

Is Core Scientific still primarily a Bitcoin mining company?

Yes, most of the company’s current revenue still comes from Bitcoin mining. However, the company is gradually converting much of its infrastructure to support AI and high-performance computing workloads. This diversification is becoming common among mining companies.

Why are Bitcoin mining companies moving into AI and HPC?

Mining companies already operate power-dense data centers with advanced cooling and electrical infrastructure. These facilities can also run AI training workloads and other high-performance computing tasks. This allows miners to generate additional revenue beyond crypto mining.

How did Core Scientific’s mining revenue perform recently?

Core Scientific reported $42.2 million in Bitcoin mining revenue in the fourth quarter, which was nearly 50% lower than the same quarter a year earlier. The decline highlights the financial pressures facing many crypto miners. These pressures are partly why companies are diversifying into AI infrastructure.

Did Core Scientific previously go through bankruptcy?

Yes. Core Scientific filed for Chapter 11 bankruptcy protection in December 2022 due to falling Bitcoin prices, rising energy costs, and financial exposure to the collapse of crypto lender Celsius. The company later restructured and relisted on Nasdaq in January 2024.

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Core Scientific lands $1B credit for data centers

Written by Jon CuthbertPublished Mar 6, 2026, 12:00 AM

Core Scientific has secured a $500 million loan facility from Morgan Stanley, with an option to expand the financing to $1 billion to support its growing data center operations.

The company said the financing will fund infrastructure development including equipment purchases, real estate acquisitions and additional power agreements for high-density computing workloads.

Core Scientific operates large-scale data centers across the United States, including facilities in Texas, Georgia and North Carolina that host both Bitcoin mining equipment and other computing infrastructure.

The 364-day credit facility carries interest at the Secured Overnight Financing Rate (SOFR) plus 2.5 and includes an accordion feature allowing the loan size to increase by another $500 million.

Although most revenue still comes from Bitcoin mining, the company said it is converting most of its data center footprint to support artificial intelligence and high-performance computing workloads.

The financing follows a challenging period for the company, which saw mining revenue fall to $42.2 million in the fourth quarter, nearly 50% lower than the same period a year earlier.

Core Scientific previously filed for Chapter 11 bankruptcy in 2022 before restructuring and relisting on Nasdaq in 2024 as it pivoted toward AI-focused data center services.

At the time of reporting, Bitcoin price was $71,258.41.