Bitcoin Miner Core Scientific’s Stock Rallies 12%

Core Scientific’s stock (CORZ) surged over 12% on August 6, following the expansion of a billion-dollar deal with artificial intelligence cloud provider CoreWeave. CoreWeave is expanding its hosting agreement with Core Scientific to secure additional resources for its Nvidia graphics processing units (GPUs). According to an announcement on August 6, Bitcoin miner Core Scientific will modify its infrastructure to supply approximately 112 incremental megawatts to CoreWeave’s GPUs.

Core Scientific’s shares rose 12.1% to $9.22 on the Nasdaq following the news. The company anticipates generating about $2 billion in additional revenue from the 12-year hosting agreement with CoreWeave.

The expansion comes nearly 60 days after Core Scientific declined a buyout offer from CoreWeave. On June 3, the firms announced a $3.5-billion deal for Core Scientific to provide 200 MW of infrastructure to host CoreWeave’s high-performance computing (HPC) operations. Shortly after, on June 6, Core Scientific revealed an unexpected and unsolicited buyout offer from CoreWeave of $5.75 per share, which the board members rejected, citing a low valuation.

In March, the companies had signed a leasing agreement with potential revenue exceeding $100 million for a Tier 3 data center in Austin, Texas. The site, previously used by Hewlett Packard, was expected to deliver up to 16 MW of capacity for CoreWeave.

“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,” said Core Scientific CEO Adam Sullivan.

The total revenue from all contracts between the companies is now projected at $6.7 billion.

Modifications to Core Scientific’s infrastructure to meet the additional demand are expected to commence in the coming months, with operational status scheduled for the first half of 2026. CoreWeave will fund all capital investments required to convert the existing infrastructure into data centers tailored for dense HPC. The new agreement also includes provisions for two five-year renewal terms, and CoreWeave retains the option to further expand the deal with up to 118 MW of infrastructure at another Core Scientific site.