Mining company Core Scientific has secured a $500 million loan from investment bank Morgan Stanley. The funds will be used to build data centers for artificial intelligence, according to a press release.
The agreement allows for the amount to increase to $1 billion under standard conditions. The loan interest rate will be SOFR plus 2.5% per annum.
Core Scientific plans to finance equipment purchases, pre-construction work, land acquisitions, and the connection of new energy capacities for the data centers.
“This will strengthen our liquidity and enhance our financial flexibility as we implement our growth strategy and enter the market. The additional funds will allow us to act more decisively, directing capital to expedite the commissioning of facilities, making us an even more attractive infrastructure partner for clients,” commented CEO Adam Sullivan.
According to the company's website, its total capacity across the U.S. currently exceeds 1,300 MW.
Transition to AI
In early March, Core Scientific announced the sale of all its 2,537 BTC (approximately $170 million at current rates). In the fourth quarter of 2025, the company reported a decline in cryptocurrency mining revenue to $42.2 million.
The miner has shifted its focus to providing computing infrastructure rental services, with revenue from this segment skyrocketing more than threefold to $31.3 million compared to $8.5 million in 2024.
Sullivan first announced plans to expand services for the AI segment in 2024, calling it a more profitable business. At that time, Core Scientific signed a 12-year contract with CoreWeave, committing to provide the firm with 200 MW of infrastructure for Nvidia GPU deployment.
The agreement was expected to generate $3.5 billion in revenue for Core Scientific over its duration. In 2025, CoreWeave planned to acquire the company for $9 billion. The board unanimously supported the deal, but Two Seas Capital, which holds one of the largest stakes in Core Scientific, opposed it, deeming the price too low.
The shift of mining capacities to meet AI needs is occurring against a backdrop of declining mining revenues.
Recall that at the end of February 2026, MARA Holdings reported a quarterly loss of $1.7 billion. The company announced a joint venture with Starwood Capital Group to build AI-focused data centers.