Core Scientific announces exercise of additonal contract option by CoreWeave

Core Scientific announced that CoreWeave, the AI Hyperscaler, has exercised its option to contract for additional infrastructure pursuant to the terms provided as part of the previously announced 200 megawatt hosting contract for high performance computing, or HPC, entered into with CoreWeave on June 3. Under the terms of the announced agreement, Core Scientific will modify its infrastructure to deliver approximately 112 incremental MW for HPC to host CoreWeave’s Nvidia GPUs. Site modifications are expected to begin in the second half of 2024, with operational status anticipated in the first half of 2026. This new 12-year HPC hosting contract will further expand Core Scientific’s exposure to contracted, multi-year, dollar-denominated revenue. The new contract with CoreWeave is expected to add approximately $2B in projected additional cumulative revenue over the hosting contract’s 12-year term to the more than $4.7B in projected cumulative revenue associated with previously announced contracts with CoreWeave, for a total of $6.7B.