Overview
- Core Scientific completed an initial $500 million, 364-day loan facility with an accordion that could lift total commitments to $1 billion.
- Borrowings under the agreement are priced at the Secured Overnight Financing Rate plus 2.50%.
- Proceeds will fund equipment purchases, pre-development work, land acquisitions, and new energy supply agreements for high-density colocation.
- The company sold roughly 1,900 BTC for about $175 million in January, holds around 630 BTC, and plans to monetize most remaining reserves during 2026 to support the buildout.
- Facilities in Texas, Georgia, and North Carolina are being converted for AI workloads, with CEO Adam Sullivan saying the financing strengthens liquidity and accelerates ready-for-service timelines.