Core Scientific Lands $500M Morgan Stanley Credit Line, Expandable to $1B
Core Scientific secured a $500 million loan facility from Morgan Stanley, expandable to $1 billion, for data center expansion and corporate purposes.Summary
Bitcoin mining and data center operator Core Scientific announced it has closed a $500 million loan facility with Morgan Stanley, which includes an accordion feature allowing for an additional $500 million commitment, bringing the total potential financing to $1 billion. This 364-day facility carries interest at SOFR plus 2.5% and is intended for general corporate purposes related to building and expanding data center assets, such as equipment purchases and real estate acquisition. The financing comes as Core Scientific pivots most of its data center footprint away from solely Bitcoin mining toward supporting AI and other high-density computing workloads, following its emergence from Chapter 11 bankruptcy in January 2024. This strategic shift is also evidenced by a major 12-year agreement signed with AI cloud provider CoreWeave.
(Source：Cointelegraph)