Core Scientific Expands CoreWeave HPC Hosting to 382MW
Core Scientific (NASDAQ: CORZ) has announced that CoreWeave has exercised an option for an additional 112 megawatts (MW) of high-performance computing (HPC) infrastructure.
The bitcoin mining and data center operating giant said in a release on Tuesday that the expansion brings CoreWeave’s total contracted HPC capacity to 382 MW across five sites. This expansion follows CoreWeave’s earlier option in June to boost hosting capacity by 70 MW, reaching 270 MW.
Core Scientific stated that the new 12-year agreement is expected to add approximately $2 billion to its projected cumulative revenue, totaling $6.7 billion. Modifications for the new infrastructure will commence in the latter half of 2024, with operational status anticipated by early 2026.
“This contract reflects the strong demand for high-power data center infrastructure and our unique ability to deliver it,” said Adam Sullivan, CEO of Core Scientific.
According to the release, CoreWeave still holds an option for an additional 118 MW of infrastructure, which, if exercised, would position Core Scientific among the largest publicly traded data center operators in the United States.
Meanwhile, Core Scientific’s bitcoin mining capacity has decreased since the bitcoin halving. The company’s realized hashrate gradually dropped from 18.64 EH/s in April to 16.73 EH/s in July.
Core Scientific’s stock price is trending up by 14.6% during pre-market hours on Tuesday following the news.
