Core Scientific to Provide Approximately 200 MW of Infrastructure for AI Project

June 4, 2024

DENVER, Colo., Jun 04, 2024 (247marketnews.com)- Core Scientific, Inc. (NASDAQ:CORZ) signed a series of 12-year contracts with CoreWeave, the AI Hyperscaler, in which Core Scientific will deliver approximately 200 megawatts (“MW”) of infrastructure to host CoreWeave’s high-performance compute (“HPC”) operations.

Adam Sullivan, Core Scientific’s Chief Executive Officer, stated, “Our new contracts with CoreWeave position us to transform our hosting business and our earnings power by capturing exciting growth opportunities in AI compute, one of today’s most dynamic technology segments, while also maintaining our strong bitcoin mining franchise.

“As demand for ready, high-power sites continues to outpace supply, we believe Core Scientific is well positioned to meet customer needs with a much shorter time to power than greenfield data center projects. Our expanding relationship with CoreWeave creates a pathway for Core Scientific to diversify our business model and balance our portfolio between bitcoin mining and alternative compute hosting, positioning us to maximize cash flow and minimize risk while maintaining our significant exposure to bitcoin’s upside potential.

“The agreements announced today also provide CoreWeave with options over the next 60 to 90 days to further expand its hosting footprint with Core Scientific at additional select sites, and we are continuing discussions with other potential clients regarding additional HPC hosting contracts to capitalize on our significant pipeline of powered real estate. We are capitalizing on one of the largest high-power digital infrastructure portfolios that we will continually seek to expand to deliver significant, resilient and sustainable value for our shareholders.”

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