Overview
- Core Scientific said Wednesday it will acquire Polaris DS for $421 million, adding 440 megawatts of Oklahoma Gas & Electric–contracted power to speed its Muskogee buildout toward a 1.5 gigawatt campus, with closing targeted for the third quarter of 2026 pending approvals.
- The Muskogee site has a 70 MW building slated for customer delivery in the second quarter of 2026 and a new 82.5 MW building under construction for initial delivery in the fourth quarter of 2027, with leased infrastructure now testing to support Nvidia GB300 systems.
- To fund the expansion, the company closed a $3.3 billion senior secured notes offering and sold 2,385 bitcoin for $208.3 million in the first quarter to cover capital spending and other cash needs.
- First-quarter revenue rose to $115.2 million, yet the firm posted a $347.2 million net loss driven largely by $266.5 million of mining-asset impairments as colocation revenue climbed to $77.5 million and surpassed mining’s $30.1 million.
- A 590 MW hosting deal with CoreWeave is now projected to generate about $10.2 billion over 12 years, which boosts growth but heightens customer concentration risk after one client made up 67% of Q1 revenue.