Morgan Stanley provides $500 million loan facility to Core Scientific with option to extend to $1 billion
Core Scientific secured a $500 million loan facility from Morgan Stanley to fund its pivot toward AI infrastructure workloads.Summary
Bitcoin miner Core Scientific announced it has secured a $500 million financing facility from Morgan Stanley, which has an accordion feature allowing for an extension up to $1 billion. The 364-day loan carries an interest rate of SOFR plus 250 basis points. Core Scientific intends to use the funds for acquiring real property, pre-development costs, energy contracts, and equipment purchases necessary to convert its facilities in states like Texas, Georgia, and North Carolina into infrastructure supporting compute-intensive AI workloads. CEO Adam Sullivan stated the financing enhances liquidity as the company executes its strategy to transition away from bitcoin mining toward high-density colocation services for AI customers, noting that bitcoin mining is now "essentially in runoff."
(Source：The Block)