Core Scientific Secures Up to $1 Billion in Financing from Morgan Stanley for AI Data Center Expansion

Core Scientific Secures Up to $1 Billion in Financing from Morgan Stanley for AI Data Center Expansion

March 6, 2026

In a significant move to fuel its strategic pivot from cryptocurrency mining to artificial intelligence infrastructure, data center developer Core Scientific has secured a financing facility of up to $1 billion from Morgan Stanley. This substantial capital injection underscores the intense competition and massive investment required to build the next generation of data centers capable of powering AI workloads.

The deal, which closed initially for $500 million, is structured as a 364-day loan facility. It includes an accordion feature that allows the total commitment to be increased by an additional $500 million, providing Core Scientific with significant financial runway. The company stated the proceeds will be directed toward a broad range of development activities, including equipment purchases, pre-development work, land acquisition, and securing additional energy supplies crucial for its high-power data centers.

“This strengthens our liquidity and enhances our financial flexibility as we execute our development and go-to-market strategy,” said Adam Sullivan, CEO of Core Scientific. “With this additional financing capacity, we can operate decisively by deploying capital to expedite project-ready-for-service timelines, making us an even more compelling infrastructure provider for customers.”

The financing arrives as Core Scientific aggressively scales its colocation business, targeting hyperscalers, specialized cloud providers known as “neoclouds,” and large enterprises. The company recently announced the acquisition of a major 265-acre site in Hunt County, Texas, with a power capacity of 285 megawatts. Its development pipeline is further bolstered by a substantial anchor tenant agreement with AI cloud firm CoreWeave, which has contracted to lease 590 megawatts of capacity across Core Scientific’s portfolio.

For the industry, this deal highlights the critical role of traditional investment banks like Morgan Stanley in funding the capital-intensive build-out of AI-ready digital infrastructure. It also signals the maturation of former crypto-mining operators who are now repurposing their expertise in securing power and managing high-density computing for the booming AI sector. The ability to secure such large-scale, flexible financing is becoming a key differentiator for data center operators racing to meet exploding demand.

Source: datacenterdynamics