Core Scientific Buys Polaris Bitcoin Mine for $421M Oklahoma AI Power Expansion
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Key Takeaways
- Core Scientific will pay $421 million to acquire Polaris DS LLC, securing 440 MW of power capacity and 40 acres of land in Muskogee, Oklahoma.
- The transaction excludes the target's operating business and employees, focusing strictly on infrastructure and power assets.
- The acquisition supports a broader plan to expand the Muskogee campus to 1.5 GW of gross power for high-density colocation services.
- A $120 million deposit has been placed in escrow, with an additional $40 million contingent on securing further power capacity by year-end 2026.
Core Scientific (NASDAQ: CORZ) is expanding its Oklahoma footprint through a $421 million acquisition of a neighboring bitcoin mining operation, as the company races to assemble gigawatt-scale power capacity for AI and high-performance computing customers.
The company said Tuesday it plans to scale its Muskogee, Oklahoma campus to roughly 1.5 gigawatts of gross power, or about 1 gigawatt of leasable capacity, by combining acquisitions, grid expansion and behind-the-meter generation strategies.
At the center of the expansion is Core Scientific’s agreement to acquire Polaris DS LLC, a bitcoin mining operator that controls 440 megawatts of contracted power through Oklahoma Gas & Electric. The site is already energized and actively operating, allowing Core to potentially accelerate delivery timelines for future AI customers compared with greenfield developments that can take years to secure utility approvals and transmission access.
The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and other conditions.
