What's Going On With Core Scientific Stock Today?

Core Scientific Inc CORZ shares are trading higher. The company on Tuesday announced that CoreWeave exercised the final option of the previously announced hosting contract.

What Happened: Core Scientific said AI hyperscaler CoreWeave exercised its final option to contract for additional infrastructure under the 200 megawatt (MW) hosting contract for high performance computing (HPC) the companies entered into on June 3.

Core Scientific now plans to modify infrastructure at one of its sites to deliver approximately 120 MW of incremental IT load to host CoreWeave’s Nvidia GPUs. Site modifications to accommodate the latest option exercise are expected to commence in the second half of 2025. The sites are expected to be operational in the second half of 2026.

“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,” said Adam Sullivan, CEO of Core Scientific.

“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.”

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The contract was previously projected to bring in $6.7 billion in cumulative revenue over a 12-year period. The new option with CoreWeave is expected to add approximately $2 billion in projected additional revenue, bringing the total projection up to $8.7 billion. All modifications to Core Scientific’s existing infrastructure will be funded by CoreWeave.

Core Scientific said this week’s option exercise positions the company to provide a total of approximately 500 MW of IT load for HPC infrastructure to CoreWeave by the second half of 2026.

CORZ Price Action: Core Scientific shares were up 0.40% at $12.78 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Core Scientific.