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 loan facility, with an accordion option that could expand total commitments by another $500 million, subject to standard conditions. Borrowings under the facility will carry 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 faster on projects approaching service readiness, helping it better meet growing customer demand.
Core Scientific plans to use the funds for general corporate purposes tied to data center development. This includes equipment purchases, early-stage project costs, land acquisitions, and securing additional energy supply agreements needed to power future facilities.
This comes just days after Core Scientific’s Q4 earnings, during which the company disclosed that it sold $175 million worth of bitcoin as it pivots toward AI infrastructure.
Shares of Core Scientific were down around 1% in pre-market trading on Thursday.