Morgan Stanley Provides $500 Million Loan Facility to Mining Firm Core Scientific, Expandable to $1 Billion

BlockBeats News, March 5th, Morgan Stanley has provided a $500 million, 364-day loan facility to Core Scientific, with an "accordion" feature that could increase the total facility size to up to $1 billion in the future. The loan carries an interest rate of SOFR + 250 basis points.

Core Scientific has stated that this funding will be used for land acquisition, pre-development expenses, securing additional power contracts, and equipment purchases to upgrade its mining infrastructure in Texas, Georgia, and North Carolina into compute centers supporting high-density AI calculations.

The company previously disclosed plans to sell "almost all" of its Bitcoin reserves by 2026 to support its shift towards an AI-focused business. As of the end of 2025, Core Scientific held approximately 2,537 bitcoins with a fair market value of around $222 million; in January 2026, the company sold about 1,900 bitcoins, realizing approximately $175 million, leaving around 630 bitcoins currently.

CEO Adam Sullivan stated that the Bitcoin mining business is now essentially in a "natural winding-down phase," and the company will focus on developing high-density hosted compute services for AI clients in the future.