Core Scientific Secures $500M Loan with $1B Accordion Option for Expansion
Core Scientific secured an initial $500 million 364-day loan from Morgan Stanley, with an accordion option to expand commitments to $1 billion at SOFR plus 250 bps interest. The miner reported a Q4 adjusted loss of $0.29 per share on $79.8 million revenue, missing estimates and holding $533.4 million in liquidity.
1. Financing Facility Details
Core Scientific completed the initial closing of a $500 million 364-day loan facility provided by Morgan Stanley, featuring an accordion option to increase total commitments to $1 billion under customary terms. Borrowings under the facility carry interest at the Secured Overnight Financing Rate plus 250 basis points.
2. Use of Proceeds
The company plans to deploy drawn proceeds toward high-density colocation infrastructure projects, including equipment purchases, pre-development expenses, real estate acquisitions and securing additional energy supply agreements to accelerate data center expansion.
3. Q4 Financial Results
In the fourth quarter, Core Scientific reported an adjusted loss of $0.29 per share on $79.8 million in revenue, missing analyst estimates. As of quarter-end, liquidity totaled $533.4 million, comprising $311.4 million in cash and cash equivalents and $222.0 million in Bitcoin.
4. Outlook and Growth Pipeline
The new financing bolsters Core Scientific’s liquidity and financial flexibility as it advances its development pipeline. The additional capacity is intended to expedite project timelines and support the company’s strategy to expand its digital infrastructure platform.