AUSTIN, Texas– Core Scientific, Inc. (Nasdaq: CORZ), a bitcoin mining and digital infrastructure company, and CoreWeave, a GPU cloud provider, today announced a multi-year contract for Core Scientific to supply up to 16 MW of data center infrastructure to CoreWeave. The total potential revenue associated with the contract is more than $100 million.
Under the terms of the contract, Core Scientific will deliver up to 16 MW of capacity at its new Austin, TX data center to host CoreWeave’s infrastructure. Core Scientific is leasing a tier 3 data center in Austin that formerly housed Hewlett Packard to expand its hosting business to include HPC.
“CoreWeave delivers massive scale GPU compute resources on top of the industry’s fastest and most flexible infrastructure,” said Michael Intrator, CoreWeave CEO. “Our strong business relationship with Core Scientific is based on years of demonstrated responsiveness, high uptime data centers, professionalism and trust. Both companies share a core belief in accelerating innovation, which our collaboration will help to achieve in rapidly growing applications in AI and high-performance computing.”
“At Core Scientific, we deploy our unique asset base strategically to achieve our mission: to accelerate digital innovation by scaling high-value compute rapidly, efficiently and responsibly,” said Core Scientific CEO, Adam Sullivan. “Our new data center in Austin will support CoreWeave’s near-term requirements while also expanding and diversifying Core Scientific’s hosting customer portfolio across two categories of high value compute: bitcoin mining and specialized GPU cloud compute. We look forward to exceeding CoreWeave’s expectations, helping them achieve their business objectives and exploring opportunities to expand our relationship in alignment with our infrastructure expansion plans.”
Core Scientific hosted CoreWeave’s GPU processing hardware in its data centers from 2019 through 2022. Core Scientific operates more than 300 MW of energized infrastructure in proximity to major metropolitan areas and with access to high-bandwidth telecommunications infrastructure, both necessary requirements to support GPU cloud compute workloads.
“We believe today’s Core Scientific has the valuable ability to flex our asset base in order to maximize revenue and earnings. Our diversified business model and leading scale enable us to continue operating as a low-cost bitcoin miner while also expanding our hosting customer base and diversifying our earnings streams,” added Sullivan.
As of January 31, 2024, Core Scientific operated seven data centers in five U.S. states, most with minimum operating capacity of 100MW, for a total operating capacity of 724 MW. The Company’s stated growth plan calls for 372 MW of bitcoin mining infrastructure expansion at its two Texas data centers, equivalent to more than 20 exahash of mining capacity. Core Scientific’s self-mining business produced more bitcoin in 2021, 2022 and 2023 than any other listed bitcoin miner in North America. The Company consistently delivers higher hash rate utilization than the average for its North American peer group and for bitcoin miners at scale.
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