Core Scientific’s AI deal fuels $8.7 billion revenue forecast, shares rise

by CryptoExpert
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Bitcoin miner Core Scientific expects to generate roughly $8.7 billion in revenue over the next 12 years, following an expansion of its hosting agreement with CoreWeave, according to an Oct. 22 statement.

The company confirmed that CoreWeave exercised its final option to secure an additional 120 megawatts (MW) of hosting capacity for its High-Performance Computing (HPC) operations.

The contract extension is expected to contribute $2 billion in additional revenue over its 12-year term, supplementing the $6.7 billion already projected from earlier contracts with CoreWeave. In total, Core Scientific anticipates $8.7 billion in cumulative revenue from the agreement.

The Bitcoin mining firm plans to modify its infrastructure in the second half of 2025 to accommodate the additional 120 MW of “critical IT load” required to host CoreWeave’s NVIDIA Graphics Processing Units (GPUs). Critical IT load encompasses the power for servers, storage, communication switches, and other essential systems, excluding ancillary equipment like air conditioning and cooling systems.

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CoreWeave will cover the $180 million capital investment needed for these upgrades, which will be credited against hosting fees. The contract also allows for two potential five-year renewal periods.

Once completed, operations are expected to begin in the second half of 2026. At that time, Core Scientific will be providing 500 MW of HPC infrastructure to CoreWeave, which would solidify its position as one of the largest publicly traded data center operators in the United States.

Core Scientific CEO Adam Sullivan highlighted the partnership’s significance, stating that the move aligns with the company’s strategy to allocate 500 MW of critical IT load to support high-performance computing. He stated:

“There is significant demand for infrastructure to support next-generation compute workloads. Our contracts with CoreWeave represent the foundation for Core Scientific’s evolution into a leading data center business ideally positioned to meet that demand.”

Sullivan also revealed that the miner is working to expand power capacity at its existing data centers and is evaluating new sites to grow its HPC hosting capabilities.

Following the announcement, Core Scientific’s stock (CORZ) surged 5.1% to $13.48, according to Yahoo Finance data.

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