JPMorgan joins Morgan Stanley to expand Core Scientific credit line to $1 billion
Core Scientific secured an additional $500 million credit facility from JPMorgan, bringing its total loan capacity with Morgan Stanley to $1 billion to fund its AI data center pivot.Summary
Core Scientific, which is pivoting to become a high-density data center operator for AI workloads, announced it secured an additional $500 million credit facility from JPMorgan Chase Bank. This commitment, combined with a prior $500 million commitment from Morgan Stanley, brings the total 364-day loan facility capacity to $1 billion. CEO Adam Sullivan stated this financing positions the company well to execute its strategy of accelerating infrastructure delivery to meet strong demand. The funds will be used for acquiring real property, pre-development costs, securing energy contracts, and purchasing equipment to convert existing facilities in Texas, Georgia, and North Carolina to support compute-intensive workloads. This strategic shift involves reducing reliance on bitcoin mining, with plans to liquidate most of its BTC holdings in 2026 to finance the transition into AI infrastructure.
(Source：The Block)