Core Scientific Secures $1 Billion Financing from Morgan Stanley to Expand Data Center Infrastructure
Core Scientific, Inc. has closed a $500 million loan facility with Morgan Stanley, expandable to $1 billion. The financing aims to bolster liquidity and support the development of data center assets, including equipment purchases, real estate acquisitions, and energy supply agreements. The loan carries an interest rate of SOFR plus 2.50%. This move comes as Core Scientific pivots towards high-density computing workloads, including AI, following its Chapter 11 bankruptcy and subsequent restructuring.
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Core Scientific, Inc. has secured a $500 million loan facility from Morgan Stanley, with an accordion feature that allows total commitments to rise to $1 billion. The facility has a term of 364 days and interest is set at the Secured Overnight Financing Rate (SOFR) plus 2.50%.
The funds will be utilized for general corporate purposes related to data center development, including equipment purchases and energy supply agreements. This financing follows the company’s emergence from Chapter 11 bankruptcy and its strategic shift towards supporting AI and high-performance computing workloads. Core Scientific aims to enhance its infrastructure capabilities in response to increasing customer demand for high-density computing.
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