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Core Scientific Announces Exercise of Additional Contract Option by CoreWeave for Delivery of Approximately 112 MW of Additional Infrastructure to Host High-Performance Computing Operations
Expands Total Contracted HPC Infrastructure by CoreWeave to 382 Megawatts at Five Core Scientific sites Increases Potential Cumulative Revenue to More than
About this update from Core Scientific, Inc.
[{"type":"text","content":"\nExpands Total Contracted HPC Infrastructure by CoreWeave to 382 Megawatts at Five Core Scientific sites\n\n\nIncreases Potential Cumulative Revenue to More than $6.7 Billion over 12 Years\n\n\nCore Scientific Actively Seeking Additional Sites to Expand HPC Hosting Capacity beyond Original 500 Megawatts\n\n\n AUSTIN, Texas--(BUSINESS WIRE)--\nCore Scientific, Inc. (NASDAQ: CORZ) (“Core Scientific” or the “Company”), a leader in digital infrastructure for bitcoin mining and high-performance computing, today 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 (“MW”) hosting contract for high performance computing (“HPC”) entered into with CoreWeave on June 3, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240806345985/en/Core Scientific is a leader in digital infrastructure for bitcoin mining and high-performance computing (Photo: Business Wire)\nUnder the terms of today’s 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 $2.0 billion in projected additional cumulative revenue over the hosting contract’s 12-year term to the more than $4.7 billion in projected cumulative revenue associated with previously announced contracts with CoreWeave, for a total of $6.7 billion.1\n\n\n“We have now contracted with CoreWeave for a total of 382 megawatts of HPC infrastructure, reflecting the strong demand for high-power data center infrastructure and the unique ability of our team to deliver it,” said Adam Sullivan, Core Scientific’s Chief Executive Officer. “The latest contract also validates that our strategy for developing application-specific data centers aligns with the increasing energy density requirements for high-performance computing that legacy data centers do not typically satisfy.”\n\n\n“Cor...