Core Scientific said its strategic financing capacity has been expanded to $1 billion. After Morgan Stanley’s earlier backing, JPMorgan added a new $500 million commitment under a 364-day credit facility priced at SOFR + 250 basis points. The company said the capital will be used to buy AI server equipment and expand high-performance computing, or HPC, data center infrastructure.
Wall Street banks build a larger financing base
According to the company’s announcement and SEC filings, the financing structure now includes two major investment banks. Morgan Stanley had already committed $500 million earlier in March. JPMorgan’s latest $500 million addition came through an accordion feature in the 364-day facility, bringing the total available size to $1 billion.
The move shows that large financial institutions are willing to support Core Scientific’s business transition. As AI computing demand rises, bitcoin miners with access to power and physical sites are drawing attention as infrastructure operators rather than pure mining businesses.
Capital earmarked for AI servers and HPC site buildout
Chief executive Adam Sullivan said the enlarged financing capacity gives the company more room to execute its development and go-to-market plans in a strong demand environment. The disclosed use of proceeds covers three main areas: converting existing bitcoin mining facilities into data centers capable of handling dense AI workloads, purchasing next-generation GPU server hardware and securing long-term power supply agreements, and expanding data center campuses in Texas and North Carolina.
That spending plan points to a clear operating shift. Core Scientific is positioning its physical infrastructure for AI and HPC demand instead of relying only on self-mining revenue.
CoreWeave ties help reshape how the market views the company
The report said long-term hosting agreements with AI companies including CoreWeave have pushed up expectations for Core Scientific’s 2026 revenue. Analysts cited in the source said the company’s move away from lower-margin self-mining and toward higher-margin AI colocation is changing how investors assess the business, with valuation comparisons moving closer to software and cloud infrastructure names.
Before publication, CORZ was up about 5% in intraday U.S. trading, with the stock at $16.6 and a market capitalization of about $5.28 billion. The company still faces volatility tied to digital asset prices, but the larger financing pool gives its AI data center push more funding capacity.