Core Scientific has expanded its credit capacity to $1 billion after securing an additional $500 million commitment from JPMorgan. The company said the new financing was added through an accordion feature in its existing 364-day credit facility, giving it more flexibility to fund data center and artificial intelligence infrastructure development.
How the financing is structured
The facility already included a $500 million commitment from Morgan Stanley, and JPMorgan’s addition brings the total committed amount to $1 billion. The borrowing cost is tied to SOFR plus 250 basis points, reflecting a broader institutional financing model in which large infrastructure operators use expandable credit lines to scale without issuing equity immediately.
Core Scientific said the proceeds are expected to support general corporate purposes related to data center growth, with spending focused on equipment purchases, early-stage development work, real estate acquisitions, and securing additional power capacity. The capital plan aligns with the company’s broader transition from bitcoin mining toward high-density hosting services and AI workloads.
Strategic shift beyond mining
Based in Austin, Texas, the company operates facilities across Texas, Georgia, Kentucky, and North Carolina. While a meaningful share of revenue still comes from digital asset mining, management has increasingly positioned hosting as its primary growth driver.
CEO Adam Sullivan said support from both JPMorgan and Morgan Stanley strengthens the company’s ability to execute its development strategy and accelerate infrastructure delivery for rising demand in dense computing environments. The announcement also comes as demand for AI-supporting data centers continues to climb across the United States, intensifying competition for land, energy access, and capital. In that environment, the larger credit line gives Core Scientific additional liquidity as it competes in a market increasingly led by major infrastructure players.