Core Scientific expanded its strategic financing facility to $1.0 billion after securing an additional $500 million commitment from JPMorgan Chase Bank under the accordion feature of its 364-day credit facility.
The new commitment doubles the size of the facility from the previously announced $500 million backing from Morgan Stanley alone. With both commitments in place, Core Scientific now has $1.0 billion of total funded commitments available.
Borrowings under the facility will carry interest at SOFR plus 250 basis points, or 2.50%.
The company said it plans to use proceeds for general corporate purposes tied to data center development, including equipment purchases, pre-development costs, real estate acquisitions, and securing additional energy for data centers.
Core Scientific said the expanded financing gives it more capital to push ahead with its development and go-to-market strategy as it works to accelerate infrastructure delivery. Following these announcements, the company's shares moved 4.48%, and are now trading at a price of $18.89. For more information, read the company's full 8-K submission here.
