Core Scientific Secures $500M Loan With $1B Expansion Option for AI Pivot
Core Scientific secured a 364-day, SOFR+250bps $500 million loan from Morgan Stanley, with an accordion option to boost capacity to $1 billion for property acquisitions, energy contracts and AI-compute infrastructure. The Austin-based miner has sold 1,900 BTC for $175 million, leaving about 630 BTC (fair value $222 million) as it shifts to AI colocation.
1. Loan Facility Details
Core Scientific tapped a 364-day, SOFR plus 250 basis point facility for $500 million from Morgan Stanley, including an accordion feature that could raise total commitments to $1 billion. The firm plans to allocate proceeds to real property acquisition, pre-development costs, energy contracts and conversion of mining infrastructure for AI workloads.
2. AI Pivot Strategy
The company is redirecting capital away from legacy Bitcoin mining operations toward high-density colocation services for AI customers, updating its fleet and facilities to support compute-intensive workloads. CEO Adam Sullivan highlighted that enhanced liquidity will expedite project ready-for-service timelines and strengthen its position as an AI infrastructure provider.
3. Bitcoin Holdings and Monetization
As of December 31, 2025, Core held 2,537 BTC valued at $222 million, but already sold 1,900 BTC for approximately $175 million in January, leaving roughly 630 BTC. The miner expects to monetize substantially all remaining Bitcoin in 2026 to fund its strategic shift to AI colocation.