Core Scientific increases credit line to $1 billion with J.P. Morgan commitment

Core Scientific (NASDAQ: CORZ) said on Monday it has secured an additional $500 million financing commitment from JPMorgan Chase under the accordion feature of its existing 364-day credit facility, doubling the facility’s total commitments to $1 billion. The company said the expanded facility now includes the $500 million commitment it previously closed with Morgan Stanley earlier this month.

The Austin, Texas-based company said borrowings under the facility carry an interest rate of SOFR plus 250 basis points. Using recent SOFR readings of about 3.62% to 3.68%, that implies an effective annual rate of roughly 6.1% to 6.2%, though the exact cost will float with benchmark rate movements and the specific SOFR convention used in the loan.

Core Scientific said the proceeds are expected to be used for general corporate purposes tied to data center development, including equipment purchases, pre-development spending, real estate acquisition and costs related to securing additional power for data centers. Chief Executive Adam Sullivan said the company now has $1 billion of financing capacity available to support infrastructure delivery amid what it described as strong demand.

The new commitment builds on Core Scientific’s March 5 announcement that it had completed the initial closing of a $500 million, 364-day loan facility provided by Morgan Stanley, which also carried an accordion feature allowing total commitments to rise to as much as $1 billion.

The back-to-back commitments underscore how Core Scientific is leaning on short-dated institutional financing to fund its data center buildout as it positions itself more aggressively around high-density colocation and broader digital infrastructure demand, rather than relying solely on traditional bitcoin mining economics.