Core Scientific has closed a $500 million loan facility with Morgan Stanley, with the option to expand that commitment to $1 billion, as the Bitcoin miner accelerates its shift toward artificial intelligence and high-performance computing infrastructure.
The 364-day facility carries interest at the Secured Overnight Financing Rate (SOFR) plus 2.5%. An accordion feature allows total commitments to increase by an additional $500 million, bringing the potential ceiling to $1 billion.
According to the company’s announcement, the financing may be used for general corporate purposes tied to building and expanding data center assets, including equipment purchases, real estate acquisition and securing additional power agreements. Core Scientific operates large-scale data centers across Texas, Georgia and North Carolina.
A Pivot Under Financial Pressure
The timing matters. Core Scientific’s shares fell days before this announcement after the company reported a fourth-quarter earnings miss. Crypto mining income dropped to $42.2 million, nearly 50% lower than the same quarter a year earlier.
The company currently derives most of its revenue from Bitcoin mining but is converting “most” of its data center footprint to support AI-related and other high-density computing workloads. The new credit facility is designed to fund that transition at scale.
This is not Core Scientific’s first brush with financial difficulty. The company filed for Chapter 11 bankruptcy protection in December 2022 after falling Bitcoin prices, rising energy costs and losses tied to crypto lender Celsius strained its finances. It emerged from bankruptcy in January 2024 and relisted its shares on Nasdaq following a court-approved restructuring.
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The CoreWeave Connection
Core Scientific’s pivot to AI gained significant momentum in June 2024, when the company signed a 12-year agreement with AI cloud provider CoreWeave to supply data center capacity for HPC workloads.
That relationship nearly transformed the company entirely. In July 2025, CoreWeave proposed acquiring Core Scientific in an all-stock transaction valued at approximately $9 billion. The deal collapsed in October after failing to secure sufficient shareholder approval.
The $1 billion credit facility now positions Core Scientific to continue its infrastructure build-out independently, without relying on a buyer to fund expansion.
A Wider Industry Trend
Core Scientific is not alone in redirecting mining infrastructure toward AI and HPC. Several Bitcoin miners have made similar moves in recent months.
- Hive Digital Technologies announced in July it was expanding into HPC, targeting approximately $100 million in annual revenue from an AI infrastructure business.
- TeraWulf signed 10-year colocation agreements with AI infrastructure company Fluidstack valued at $3.7 billion, with Google backing about $1.8 billion of those lease obligations.
The pattern reflects a broader recalibration across the Bitcoin mining sector, where companies built on cheap power and abundant space are finding a second use case in the data-hungry world of AI model training and inference. Core Scientific’s Morgan Stanley facility gives it the capital runway to pursue that transition on its own terms.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial or investment advice.
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