Core Scientific (NASDAQ: CORZ) continues its aggressive push into AI infrastructure by acquiring a neighboring Bitcoin mining operation in Oklahoma for $421 million. The deal will expand the company's Muskogee campus to approximately 1.5 GW of gross power (about 1 GW leasable capacity), positioning it to serve hyperscale AI and high-performance computing clients.
Acquisition Details and Campus Expansion
Announced Tuesday, Core Scientific is purchasing Polaris DS LLC, a Bitcoin miner controlling 440 MW of contracted power through Oklahoma Gas & Electric. The facility is already energized and operational, allowing Core to bypass years-long grid interconnection queues and accelerate delivery timelines for AI customers. The transaction is expected to close in Q3 2026, subject to regulatory approvals.
The purchase includes approximately 40 acres adjacent to Core's existing Muskogee operations, plus a substation and electric service agreements with OG&E. Core will not take over Polaris's active mining business; instead, existing operations, employees, customer contracts, and IP rights will be spun off through a pre-closing restructuring. The current mining activity will phase out through a temporary leaseback arrangement until mid-2028, as Core gradually repositions the site for high-density computing deployments.
Strategic Shift: Mining Sites as AI Assets
The deal underscores a broader industry trend: Bitcoin mining campuses built for energy-intensive crypto operations are becoming prime targets for AI infrastructure due to their existing grid access, substations, and high-capacity electrical infrastructure. Core Scientific CEO Adam Sullivan called this a “multi-layered” scaling strategy combining acquisitions, grid expansion, and behind-the-meter generation. The company previously converted its Texas Pecos campus into a ~1 GW leasable AI data center and is jointly developing ~$5.5 billion in data centers with CoreWeave.
The Polaris acquisition includes a potential earn-out: if Polaris secures an additional 40 MW of firm power by end-2026 through a utility contract amendment, the purchase price could rise to $461 million. Core has already deposited $120 million into escrow for the deal, funded from existing liquidity.
Growth in Oklahoma
Core Scientific is also beginning construction on a second 82.5 MW building at the Muskogee campus (currently unleased), with delivery expected in Q4 2027. Its existing 70 MW facility designed for NVIDIA's GB300 platform remains on track for client delivery in Q2 2026. Oklahoma Governor Kevin Stitt said the expansion demonstrates how new “behind-the-meter” legislation and energy policies are attracting large-scale infrastructure investment to the state.