Overview
- JPMorgan committed $500 million to join Morgan Stanley’s earlier $500 million, lifting Core Scientific’s 364-day facility to $1 billion at an interest rate of SOFR plus 2.50%.
- The company says the funds will go to property purchases, pre-development work, new energy contracts, and equipment to convert sites in Texas, Georgia, and North Carolina.
- Leaders describe the financing as fuel for a pivot from lower-margin bitcoin self-mining to high-density colocation that serves AI and machine learning customers.
- Recent results show the shift taking hold, with Q4 2025 colocation revenue up 268% to about $31 million while total revenue fell 16% and net income was boosted by a $330 million non-cash gain.
- Core Scientific reported about $533 million in liquidity and plans to sell most of its remaining Bitcoin in 2026 to help pay for the buildout.