Core Scientific secures $500M financing from JPMorgan to improve data center expansion

Core Scientific, the Nasdaq-listed company that operates data centers for Bitcoin mining and AI workloads, has announced that it has received a total of $1 billion in strategic financing, including $500 million from JPMorgan.

In a statement Monday, Core Scientific CEO Adam Sullivan said the company, backed by Morgan Stanley and JPMorgan, is well-equipped to execute its go-to-market plans and expand its data center infrastructure.

“With total financing capacity of $1 billion, we are now well positioned to execute our development and go-to-market strategy, accelerate infrastructure delivery and meet the strong demand environment,” Sullivan said.

The funds support equipment, property and energy investments in high-end colocation data centers. The facility bears interest at SOFR and 2.5%.

From bankruptcy to a billion dollar line of credit

Core Scientific emerged from Chapter 11 bankruptcy in January 2024 after restructuring about $400 million in debt obligations.

At record time, the company was one of the largest bitcoin miners in North America, but increasing network problems and post-halving revenue have forced it to reevaluate its business model.

Instead of continuing to expand its ever-growing mining operations, Core Scientific turned to advanced colocation services for AI and machine learning workloads, leveraging its already accumulated power capacity and physical footprint.

The company reported strong colocation growth in Q4 2025, despite a decline in overall revenue.

Cooperative revenue rose 268 percent year-over-year to $31 million, driven by expansion in colocation operations.

In contrast, total revenue for the quarter fell 16 percent to $80 million from around $95 million a year ago, driven by a deliberate wind-down of lower-margin head mining operations.

Gross profit rose to about $21 million from $4.8 million last year. GAAP non-cash fair value of $330 million was $216 million, compared to a net loss of $291 million in Q4 2024.

Core Scientific ended the quarter with liquidity of about $533 million, a strong runway for continued growth.