Core Scientific secures additional $500 million from J.P. Morgan

Core Scientific Inc. (NASDAQ: CORZ) closed an additional $500 million commitment from JPMorgan Chase Bank under its existing credit facility, bringing total funded commitments to $1 billion. The data center operator previously secured $500 million from Morgan Stanley under the same facility.

The 364-day credit facility carries an interest rate of the Secured Overnight Financing Rate plus 250 basis points. Core Scientific plans to use proceeds for general corporate purposes related to data center development, including equipment purchases, pre-development costs, real property acquisition and energy procurement agreements.

"With $1 billion of total financing capacity now available, we are well positioned to execute on our development and go-to-market strategy, deploying capital to accelerate infrastructure delivery and meet the strong demand environment," said Chief Executive Officer Adam Sullivan.

Core Scientific operates data centers for high-density colocation services across 10 facilities in seven states. The company is transitioning from digital asset mining to artificial intelligence-related workloads and colocation services, though it currently derives the majority of revenue from digital asset mining operations.

The Austin-based company operates facilities in Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma and Texas. Core Scientific stated it expects to rapidly increase revenue from high-density colocation services as it repurposes existing mining facilities.

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