Expands Total Contracted HPC Infrastructure by
CoreWeave to Approximately 500 Megawatts of Critical IT Load at Six
Core Scientific Sites
Increases Potential Cumulative Revenue to $8.7
Billion over 12 Year Contract Terms
Core Scientific Pursuing Expansions to Existing
Data Centers and Evaluating Additional Sites to Expand HPC Hosting
Capacity
Core 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 final 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.
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Core Scientific (Nasdaq: CORZ) is a
leader in digital infrastructure for bitcoin mining and
high-performance computing (Photo: Business Wire)
Under the terms of today’s announced option exercise, Core
Scientific will modify infrastructure at one of its sites to
deliver approximately 120 incremental MW of critical IT load to
host CoreWeave’s NVIDIA Graphics Processing Units (“GPUs”).
“Critical IT load” refers to the amount of power delivered to a
data center’s servers, storage, communications switches and key
systems, and does not include the power required to support
ancillary systems, such as air conditioning and chillers.
Site modifications associated with the latest option exercise
are expected to begin in the second half of 2025, with operational
status anticipated in the second 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 $6.7 billion in projected cumulative
revenue associated with previously announced contracts with
CoreWeave, for a total of $8.7 billion.1
“In May, we communicated our plans to contract approximately 500
megawatts of critical IT load to host high-performance computing.
With today’s announcement, we have delivered on that commitment,”
said Adam Sullivan, Core Scientific’s Chief Executive Officer.
“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.”
“We are now working to expand power allocations at some of our
existing data centers to increase our capacity for HPC hosting
while also continuing to evaluate new sites in our pipeline to
expand our business opportunity. We are at the beginning of an
exciting time for Core Scientific, and our focus remains squarely
on growing our business and delivering increasing value to clients
and shareholders,” Mr. Sullivan added.
Consistent with the terms of the agreements with CoreWeave
previously announced on June 3rd, all capital investments required
to modify Core Scientific’s existing infrastructure into
cutting-edge, application-specific data centers customized for
power-dense HPC will be funded by CoreWeave. An estimated $180
million of the capital investments associated with Core
Scientific-owned infrastructure supporting today’s announced option
exercise will be credited against hosting payments as capex credits
at no more than 50% of monthly fees until fully repaid. The latest
contract option with CoreWeave also provides opportunities for two
renewal terms of five years each.
Building on the previously announced 382 MW of infrastructure
for HPC hosting, the option exercise announced today will position
Core Scientific to provide a total of approximately 500 MW of
critical IT load for HPC infrastructure to CoreWeave by the second
half of 2026. The successful execution of these contracts would
place Core Scientific among the largest publicly traded data center
operators in the United States.
With its 1.2 gigawatts of contracted power, Core Scientific
plans to provide a total of approximately 700 MW of digital
infrastructure to deliver 500 MW of critical IT load for HPC
hosting to support alternative compute workloads, based on
geographic proximity to major cities and fiber lines.2 The
remaining 500 MW of contracted power is currently allocated to
support the Company’s bitcoin mining business.
About Core Scientific
Core Scientific, Inc. (“Core Scientific” or the “Company”) is a
leader in digital infrastructure for bitcoin mining and
high-performance computing. We operate dedicated, purpose-built
facilities for digital asset mining and are a premier provider of
digital infrastructure, software solutions and services to our
third-party customers. We employ our own large fleet of computers
(“miners”) to earn digital assets for our own account, provide
hosting services for large bitcoin mining customers and are
allocating a significant portion of our eight operational data
centers in Georgia (2), Kentucky (1), North Carolina (1), North
Dakota (1) and Texas (3) to support Artificial Intelligence-related
workloads under a series of contracts that entail their
modification to deliver hosting services for high-performance
computing. We derive the majority of our revenue from earning
bitcoin for our own account (“self-mining”). To learn more, visit
www.corescientific.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements may be identified by the use of
words such as “aim,” “estimate,” “plan,” “project,” “forecast,”
“opportunity,” “goal,” “intend,” “will,” “expect,” “anticipate,”
“believe,” “seek,” “target,” “potential,” “hope” or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These statements
include, but are not limited, statements regarding potential
benefits of or expectations regarding the strategic relationship,
agreements and contemplated transactions with CoreWeave, impacts on
the Company’s revenue, financial and other operating results,
completion and timing of certain events, impacts on the Company’s
trading multiple and ability to deliver shareholder value, the
Company’s intention and ability to capitalize on additional or
related opportunities, and the Company’s plans, objectives,
expectations and intentions. The Company’s actual results may
differ materially from those anticipated in these forward-looking
statements as a result of certain risks and other factors, which
could include, but are not limited to, unanticipated difficulties
or expenditures relating to the strategic relationship, agreements
and contemplated transactions with CoreWeave; the possibility that
the anticipated revenue, financial and other operational benefits
of the strategic relationship, agreements and contemplated
transactions and additional opportunities are not realized when
expected or at all; disruptions of current plans and operations
caused by the announcement and execution of the strategic
relationship, agreements and contemplated transactions; diversion
of management’s attention from ongoing business operations and
opportunities; potential adverse reactions or changes to business,
regulatory or employee relationships, including those resulting
from the announcement or execution of the strategic relationship,
agreements and contemplated transactions; unexpected risks or the
materialization of risks that are greater than anticipated;
unavailability of expected power or materially adverse changes in
the terms associated with available power; occurrence of any event,
change or other circumstance that could give rise to the
termination of the contracts with CoreWeave; delays in required
approvals; the availability of government incentives; and legal
proceedings, judgments or settlements in connection with the
strategic relationship, agreements and contemplated transactions,
as well as other risk factors set forth in the Company’s Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q filed with
the Securities and Exchange Commission.
These statements are provided for illustrative purposes only and
are based on various assumptions, whether or not identified in this
press release, and on the current expectations of the Company’s
management. These forward-looking statements are not intended to
serve, and must not be relied on by any investor, as a guarantee,
an assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of the Company.
These forward-looking statements are subject to a number of risks
and uncertainties, including those identified in the Company’s
reports filed with the Securities and Exchange Commission, and if
any of these risks materialize or our assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. Accordingly, undue reliance
should not be placed upon the forward-looking statements. The
Company does not assume any duty or obligation (and does not
undertake) to update or supplement any forward-looking
statements.
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1 Represents total cumulative revenue over all 12-year contract
periods, before capex credits provided to CoreWeave as compensation
for Core Scientific’s share of infrastructure build out costs,
capped at $1.5 million per MW
2 500 MW of infrastructure for HPC hosting represents 700 MW of
gross infrastructure
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version on businesswire.com: https://www.businesswire.com/news/home/20241022927349/en/
Investors: ir@corescientific.com
Media: press@corescientific.com
Core Scientific (NASDAQ:CORZ)
過去 株価チャート
から 11 2024 まで 12 2024
Core Scientific (NASDAQ:CORZ)
過去 株価チャート
から 12 2023 まで 12 2024
