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Core Scientific Signs $3.5 Billion Agreement with Artificial Intelligence Partnership

Core Scientific

Core Scientific, one of the largest Bitcoin mining companies in the USA, draws attention with its investments in the field of artificial intelligence (AI). The company is turning to artificial intelligence solutions to deal with the challenges posed by the latest Bitcoin halving.

Core Scientific announced on the X platform on June 3 that it signed a $3.5 billion agreement with AI cloud provider CoreWeave. Under the agreement, Core Scientific will provide an additional 200 megawatts (MW) of infrastructure to host CoreWeave’s high-performance computing (HPC) operations.

According to the statement, this agreement is expected to generate over $3.5 billion in total revenue for Core Scientific over a 12-year period. Average annual revenue from the deals is estimated to be approximately $290 million.

Core Scientific to Lease 18% of Its Infrastructure

The infrastructure that Core Scientific will provide to CoreWeave constitutes approximately 18% of the company’s total resources. In addition to its current operational infrastructure of 745 MW, the company has 372 MW of partially constructed infrastructure in two data centers in Texas as of April 2024.

This latest agreement is not the first collaboration between Core Scientific and CoreWeave. In March 2024, Core Scientific had agreed to provide up to 16 MW of data center infrastructure to support AI and HPC operations under another multi-year agreement.

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