Core Scientific secures $500 million loan financing from Morgan Stanley, with total commitments potentially increasing to $1 billion.

Techub News reports that Core Scientific has announced the initial closing of a $500 million 364-day loan financing facility provided by Morgan Stanley. This financing includes an accordion feature that allows for an increase in the total commitment by up to $500 million, subject to customary terms and conditions, potentially bringing the total commitment to up to $1 billion.

Core Scientific expects to use the proceeds from borrowings under this financing arrangement for general corporate purposes related to data center asset development, including but not limited to equipment purchase costs, pre-development costs, real estate acquisitions, and costs associated with securing and entering into additional energy procurement agreements for data centers.