Core Scientific announced a major expansion of its partnership with CoreWeave through a series of 12-year contracts to provide approximately 200 megawatts of infrastructure for high-performance computing operations. The agreements are expected to generate over $3.5 billion in total cumulative revenue during the initial contract terms, with estimated annual revenue of $290 million. Site modifications will begin in H2 2024 with operations starting in H1 2025.CoreWeave will fund all capital investments required for infrastructure modifications, with an estimated $300 million in Core Scientific-owned infrastructure costs to be credited against hosting payments. The agreements include two optional 5-year renewal terms and potential for further expansion at additional sites. Core Scientific will maintain its bitcoin mining capacity by redeploying mining operations from designated HPC sites to other...Show More

Core Scientific announced a major expansion of its partnership with CoreWeave through a series of 12-year contracts to provide approximately 200 megawatts of infrastructure for high-performance computing operations. The agreements are expected to generate over $3.5 billion in total cumulative revenue during the initial contract terms, with estimated annual revenue of $290 million. Site modifications will begin in H2 2024 with operations starting in H1 2025.CoreWeave will fund all capital investments required for infrastructure modifications, with an estimated $300 million in Core Scientific-owned infrastructure costs to be credited against hosting payments. The agreements include two optional 5-year renewal terms and potential for further expansion at additional sites. Core Scientific will maintain its bitcoin mining capacity by redeploying mining operations from designated HPC sites to other dedicated facilities.This strategic move transforms Core Scientific's hosting business model by diversifying into AI compute while maintaining its bitcoin mining franchise. With 1.2 gigawatts of contracted power, the company can deliver nearly 500MW of HPC power for alternative compute workloads, positioning itself as a leading player in the AI data center space.