U.S.-based digital infrastructure developer Core Scientific has secured a financing facility of up to $1 billion from Morgan Stanley to support the development of its growing data center portfolio.
The facility is structured as a 364-day loan that initially closed at $500 million, with an accordion option that could increase total commitments by another $500 million. According to the company, the capital will be directed toward expanding data center infrastructure, including equipment procurement, early-stage development costs, land purchases, and securing additional energy supply for operations.
“This strengthens our liquidity and enhances our financial flexibility as we execute our development and go-to-market strategy,” said Adam Sullivan, chief executive of Core Scientific. “With this additional financing capacity, we can operate decisively by deploying capital to expedite project-ready-for-service timelines, making us an even more compelling infrastructure provider for customers.”
Founded in 2017, Core Scientific initially focused on cryptocurrency mining data centers before shifting its strategy toward infrastructure supporting artificial intelligence workloads. The company has been expanding its footprint as demand for AI computing capacity rises.
Last week, the company said it had acquired a 265-acre site in Hunt County, Texas, capable of supporting up to 285 megawatts of power capacity. Chief financial officer Jim Nygaard said the company is prioritizing the expansion of its colocation services to accommodate large-scale computing customers.
Core Scientific added it is currently in discussions with hyperscale cloud providers, neocloud operators and large enterprises for potential leasing agreements. AI cloud computing company CoreWeave has already signed agreements to lease 590 megawatts of capacity across the company’s data center locations.
Source: DataMagz