The Austin-based digital infrastructure firm announced on Thursday that it completed the initial closing of a $500 million 364-day loan facility provided by Morgan Stanley, with an option to expand the commitment by an additional $500 million. If fully exercised, the arrangement would bring total borrowing capacity to $1 billion.

The loan carries interest tied to the Secured Overnight Financing Rate (SOFR) plus 250 basis points, placing the cost of borrowing at SOFR plus 2.50%. The financing also includes an accordion feature, allowing the lender to increase the facility size under customary terms and conditions.

Core Scientific (Nasdaq: CORZ) Chief Executive Officer Adam Sullivan said the facility strengthens the company’s balance sheet while giving it greater flexibility to accelerate development projects. “This strengthens our liquidity and enhances our financial flexibility as we execute our development and go-to-market strategy,” Sullivan said in the statement.

CORZ is down today by 1.7% and over the last five sessions shares have dipped by 8.2%. 12-month stats show CORZ is still up more than 62%.

According to the company, proceeds from the facility may be used for a range of corporate purposes tied to expanding its data center footprint. Those uses include purchasing equipment, funding early-stage development costs, acquiring real estate, and securing additional power agreements needed to run large-scale computing operations.

Core Scientific operates large-scale facilities designed for high-density computing and colocation services across several U.S. states, including Texas, Georgia, Alabama, North Carolina, North Dakota, Kentucky, and Oklahoma. Historically known for digital asset mining, the company has been repositioning parts of its infrastructure to support artificial intelligence workloads and next-generation computing services.

The company currently generates most of its revenue from operating its own fleet of cryptocurrency mining computers. However, management has indicated that high-density colocation services — where clients lease computing capacity within Core Scientific’s facilities — are expected to become a larger share of the business over time.

As data centers compete for power, land, and capital in an increasingly AI-driven economy, the financing gives Core Scientific access to liquidity that could help accelerate construction timelines and infrastructure upgrades. In the world of large-scale computing, access to capital can move projects from blueprint to server racks much faster.

• What financing did Core Scientific secure?
  Core Scientific closed a $500 million loan facility from Morgan Stanley with an option to expand the commitment to $1 billion.
• How will Core Scientific use the funds?
  The company plans to use the financing for data center development, equipment purchases, property acquisition and securing power for operations.
• What is the interest rate on the loan?
  Borrowings carry interest at the Secured Overnight Financing Rate (SOFR) plus 250 basis points.
• Where does Core Scientific operate its facilities?
  The company runs large-scale computing facilities across several U.S. states, including Texas, Georgia, Alabama, North Carolina, North Dakota, Kentucky, and Oklahoma.

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