Core Scientific Secures $500 Million from Morgan Stanley for AI Transition

Core Scientific secured $500M from Morgan Stanley for AI data centers.

The mining firm Core Scientific has secured a $500 million loan from investment bank Morgan Stanley. The funds will be allocated for the construction of data centers dedicated to artificial intelligence, according to a press release. 

The agreement includes an option to increase the amount to $1 billion under standard conditions. The loan interest rate is set at SOFR plus 2.5% per annum. 

Core Scientific plans to finance the purchase of equipment, pre-construction activities, land acquisition, and the connection of new power capacities for the data centers.  

“This will strengthen our liquidity and enhance financial flexibility as we execute our growth strategy and market entry. The additional funds will allow us to act more decisively, directing capital to accelerate the commissioning of facilities, making us an even more attractive infrastructure partner for clients,” commented CEO Adam Sullivan.

According to the company’s website, its total facility capacity across the United States currently exceeds 1300 MW.

Shift to AI 

In early March, Core Scientific announced the sale of all its 2537 BTC holdings (approximately $170 million at the current rate). In the fourth quarter of 2025, the company reported a decline in cryptocurrency mining revenue to $42.2 million. 

The miner has focused on leasing computing infrastructure services, with revenue from this segment more than tripling over the year to $31.3 million, compared to $8.5 million in 2024.

Sullivan first announced plans to expand services for the AI segment in 2024, calling it a more profitable business. At that time, Core Scientific signed a 12-year contract with CoreWeave, under which the miner committed to providing the firm with 200 MW of infrastructure for hosting Nvidia graphics processors.

The agreement was expected to bring Core Scientific $3.5 billion in revenue over its duration. In 2025, CoreWeave was preparing to acquire the company for $9 billion. The board of directors unanimously supported the deal, but Two Seas Capital, one of the largest shareholders in Core Scientific, opposed it. Shareholders considered the price too low. 

The repurposing of cryptocurrency mining capacities for artificial intelligence needs is occurring amid declining mining revenues. 

In late February 2026, MARA Holdings reported a quarterly loss of $1.7 billion. The company announced a joint venture with Starwood Capital Group to build AI-focused data centers.