Core Scientific announces exercise of final contract option by CoreWeave

seekingalpha

2024-10-22

Core Scientific, Inc. (NASDAQ:CORZ) said on Tuesday that CoreWeave, has exercised its final option to contract for additional infrastructure pursuant to the terms provided as part of the previously announced 200 megawatt hosting contract entered into with CoreWeave on June 3, 2024.
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.
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.
The new contract with CoreWeave is expected to add approximately $2B in projected additional cumulative revenue over the hosting contract’s 12-year term to the $6.7B in projected cumulative revenue associated with previously announced contracts with CoreWeave, for a total of $8.7B.

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