Core Scientific’s latest announcement of CoreWeave is up 17%.
Core Scientific shares soared more than 17% on Tuesday after the bitcoin mining company announced new developments surrounding its deal with artificial intelligence provider CoreWeave.
In the year According to an Aug. 6 press release, CoreWeave has agreed to increase its deal with the Bitcoin miner, with additional infrastructure in place to see Core Scientific supply another 112 megawatts to Coreave's Nvidia graphics processing units.
Core Scientific and CoreWeave agreement
The new amendments to the agreement They will be delivered before the end of 2024, with operations expected to resume in early 2026. Core Scientific's multi-year deal with CoreWeave will add nearly $2 billion in new hosting revenue, with a planned 12-year contract. A total of $4.7 billion is expected from the first contract to bring in more than $6.7 billion in cumulative revenue.
Core Scientific has announced that it has exercised an additional contract option with @CoreWeave to deliver ~112MW of additional infrastructure to support high-performance computing operations.
– Total contracted #HPC infrastructure at CoreWeave expands to 382MW at 5$CORZ sites… pic.twitter.com/Z2Fz9dNAC8
— Core Scientific (@Core_Scientific) August 6, 2024
“We have now signed a contract with CoreWeave for a total of 382 MW of HPC infrastructure, reflecting the strong demand for high-powered data center infrastructure and the unique capabilities of our team,” said Adam Sullivan, CEO of Core Scientific.
“CoreWeave has one remaining option for 118 megawatts of infrastructure and we are building a pipeline of new locations to expand our infrastructure portfolio and business opportunities. By maximizing the value and breadth of our infrastructure portfolio for HPC hosting and Bitcoin mining, we will enhance our business and the value we deliver to customers and shareholders.” “We believe we can grow,” Sullivan said.
CORZ stock price
Core Scientific shares were trading at $9.63 at the time of writing, up more than 17% on the day. CORZ is up 179% year over year. CORZ stock traded above $5 in May, with recent news helping the bullish case.
In comparison, BTC is up more than 5% in the last 24 hours as it changed hands at $56,900.
Since its value neared $49k on August 5, Bitcoin remains in the red over 12% over the past week. Last month, BTC/USD increased by 28% at the time of writing.
