Core Scientific secured a $1 billion financing facility from Morgan Stanley to fund its strategic transition into AI data center operations.

The facility carries an interest rate of the Secured Overnight Financing Rate plus 2.50%. Core Scientific stated that the proceeds will support general corporate purposes tied to its datacenter buildout. Planned allocations include equipment purchases, land acquisitions, early-stage development costs, and energy supply agreements for future facilities.

The company currently operates seven facilities across the United States. A single Texas site is already undergoing conversion from Bitcoin mining to high-density colocation. Despite this operational shift, mining remains the primary revenue driver, generating $41 million in fourth-quarter sales compared to $31 million from colocation services.

This Morgan Stanley-backed financing provides Core Scientific with a short-term capital runway, eliminating the need to tap equity markets immediately. The agreement also signals that major financial institutions are increasingly willing to fund enterprises transitioning from cryptocurrency mining to artificial intelligence-driven infrastructure.