Core Scientific Secures $500M Loan with $1B Expansion Option
Core Scientific closed a $500 million 364-day loan facility with Morgan Stanley and can expand commitments to $1 billion at SOFR plus 250 basis points. As of quarter-end, liquidity totaled $533 million, with proceeds earmarked for data center expansion, equipment, real estate and energy supply agreements.
1. Loan Facility Details
Core Scientific completed the initial closing of a $500 million, 364-day loan facility with Morgan Stanley, featuring an accordion option to raise commitments to $1 billion. Borrowings carry interest at SOFR plus 250 basis points, underpinning the company’s liquidity strategy.
2. Liquidity Position
As of quarter-end, liquidity stood at $533.4 million, comprising cash, cash equivalents and Bitcoin holdings. The company will deploy proceeds toward high-density colocation expansion, equipment acquisitions, real estate deals and energy supply agreements.
3. Financial Performance and Outlook
In Q4, the firm reported an adjusted loss of $0.29 per share, compared with consensus of $0.18 loss, and revenue of $79.76 million, down from $94.9 million. Core Scientific is slated to report next earnings on May 6 with analysts forecasting a loss of $0.04 on $115.9 million revenue, backed by Buy ratings and an average price target of $22.90.