Bitcoin mining and data center company Core Scientific has closed a $500 million credit facility with Morgan Stanley with an option to expand the financing to $1 billion.
The funding may be used for general corporate purposes related to the construction and expansion of data center assets, including equipment purchases, real estate acquisitions and securing additional power agreements, according to a company announcement Thursday.
The company operates large data centers in several US states, including Texas, Georgia, and North Carolina, that house both Bitcoin (BTC) mining equipment and other high-density computing workloads.
The 364-day facility bears interest at the Overnight Secured Funding Rate (SOFR) plus 2.5% and has an accordion feature that allows total commitments to increase by up to another $500 million.
Core Scientific currently derives most of its revenue from Bitcoin mining, but is converting the “majority” of its data center space to support AI-related and high-density computing workloads.
The announcement comes days after the company’s shares fell after missing fourth-quarter earnings as crypto mining revenue fell to $42.2 million, down nearly 50% from the same quarter last year.
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Core Scientific’s path to AI and HPC
Core Scientific filed for Chapter 11 bankruptcy protection in December 2022 after falling bitcoin prices, rising energy costs and losses related to crypto lender Celsius. In January 2024, it emerged from bankruptcy and relisted its shares on the Nasdaq after completing a court-approved restructuring.
Following the restructuring, Core Scientific launched parts of its data center infrastructure to support artificial intelligence and high-performance computing (HPC) workloads alongside Bitcoin mining operations.
That shift accelerated in June 2024, when the company signed a 12-year deal with AI cloud provider CoreWeave to provide data center capacity for HPC.
A year later, CoreWeave sought to deepen the relationship through a proposed acquisition, agreeing to buy Core Scientific in July 2025 in an all-stock transaction valued at approximately $9 billion. However, the merger did not receive sufficient shareholder approval during the October vote and did not proceed.
Several other Bitcoin mining companies have also retooled their infrastructure to support AI and HPC workloads in recent months.
In July, Hive Digital Technologies said it was expanding into HPC and building an AI infrastructure business that is expected to reach $100 million in annual revenue.
About a month later, TeraWulf signed a 10-year joint venture agreement with AI infrastructure firm Fluidstack worth $3.7 billion, with Google backing roughly $1.8 billion in lease obligations.
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