Core Scientific raises 500 million USD from Morgan Stanley to boost AI data centers

Core Scientific has secured a $500 million loan led by Morgan Stanley, with a 364-day term and an option to extend the total limit up to $1 billion. The funds are intended to support the strategic shift toward high-density data centers for artificial intelligence (AI) and high-performance computing (HPC). The loan interest rate is SOFR plus 250 basis points, approximately 7.8% per year based on current SOFR levels.

The raised capital will be used for equipment, real estate, pre-development costs, and power contracts to prepare colocation infrastructure for AI/HPC at the company’s facilities. Previously, Core Scientific sold over 1,900 BTC, generating about $175 million to fund its transition away from Bitcoin mining operations. The management team stated that the loan will provide liquidity and financial flexibility to accelerate the deployment of AI-focused data centers.