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.