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Morgan Stanley is backing Core Scientific with up to $1bn in financing, providing fresh capital as the former bitcoin mining company expands deeper into AI computing infrastructure.
Core Scientific said on 5 Mar it had secured an initial $500mn loan facility, which could expand to $1bn, giving the company additional firepower to speed up construction of new data center capacity. CEO Adam Sullivan said the financing would strengthen liquidity and allow the company to accelerate development timelines for projects aimed at high-density computing clients.
McKinsey projects that total global capital expenditure for data centers will reach $6.7tn by the end of the decade.
Pivot towards AI data centers
The funding comes as Core Scientific shifts away from relying primarily on bitcoin mining and toward building data centers for AI companies. According to its latest earnings release, the company is developing a pipeline of facilities expected to reach approximately 1.5GW of power capacity across multiple sites. Recent expansion plans include new capacity and upgrades across existing sites in Georgia and Texas.
Early financial results point to the strategy gaining traction. While total revenue declined to $79.8mn in the fourth quarter of 2025, revenue from hosting computing infrastructure climbed to $31.3mn, up from $8.5mn a year earlier.
CoreWeave relationship reshapes strategy
The expansion is closely tied to Core Scientific’s long-term infrastructure partnership with AI cloud provider CoreWeave, one of the fastest-growing buyers of specialized computing capacity. The companies have signed a series of hosting agreements expected to generate more than $10bn in cumulative revenue over 12 years, as Core Scientific converts former bitcoin mining facilities into data centers designed to run CoreWeave’s AI infrastructure.
The relationship has also become strategically sensitive. In 2025, CoreWeave attempted to acquire Core Scientific in an all-stock deal valued at roughly $9bn, but the transaction collapsed after shareholders rejected the proposal on 30 Oct 2025.
Core Scientific has since opted to remain independent while expanding its role as a provider of AI computing infrastructure. The Morgan Stanley credit facility gives the company additional capital to pursue that strategy while retaining control of its data center footprint.
Liquidity cushion after volatile years
Core Scientific ended 2025 with $533mn in liquidity, consisting of $311mn in cash and cash equivalents and $222mn in bitcoin, according to its latest financial statements. The company has been rebuilding its balance sheet and operations following a bankruptcy restructuring completed in Jan 2024.