Core Scientific (CORZ), the Texas-based digital infrastructure provider, has secured up to $1 billion in strategic financing from Morgan Stanley to support the development of its data center infrastructure.
The company announced the initial closing of a $500 million 364-day term loan facility with a harmony option that could expand total commitments by an additional $500 million, subject to default terms. Loans under the facility will bear interest at the secured overnight financing rate (SOFR) plus 2.50%.
According to CEO Adam Sullivan, the additional capital will allow the company to move more quickly on projects nearing service readiness, helping it better meet growing customer demand.
Core Scientific plans to use the funds for general corporate purposes related to data center development. This includes equipment purchases, early project costs, land acquisition and securing additional energy supply agreements needed to operate future facilities.
This comes just days after Core Scientific’s Q4 earnings, where the company revealed it sold $175 million worth of bitcoin as it pivots toward AI infrastructure.
Shares of Core Scientific were down about 1% in pre-market Thursday.
