Core Scientific (NASDAQ: CORZ) secured an initial $500 million loan from Morgan Stanley with an option to increase to $1 billion total.
The loan carries an interest rate equal to the Secured Overnight Financing Rate plus 2.50%.
Core Scientific intends to use the capital for general corporate purposes, focusing on data center asset development and energy procurement.
Recently Core Scientific reported $79.8 million in fourth-quarter revenue and $319 million for the entirety of 2025. The revenue drop reflects Core Scientific’s shift away from bitcoin mining as it retires its bitcoin mining fleet to erect AI/HPC data centers. AI hosting revenue swelled to $31.3 million over the quarter as the company continues to deliver AI capacity to CoreWeave.
Shareholders previously rejected a $9 billion all-stock buyout offer from CoreWeave in October. Institutional Shareholder Services and Two Seas Capital lobbied heavily against the merger, arguing that the un-collared exchange left investors exposed to unfavorable economics while undervaluing Core Scientific’s power access and long-term data center assets.
Following a period of stock volatility stemming from the failed CoreWeave buyout, Citadel Securities also disclosed a 5.5% passive stake consisting of 17.2 million shares in December. The position focuses on market-making activities to manage risk and provide liquidity rather than acting as a long-term directional bet.
Header image by Ajay Suresh via Creative Commons.
