Shares of Core Scientific, Inc. (CORZ), a leading bitcoin miner and data center operator, witnessed a pre-market surge of 5.22% on Monday, driven by a significant new contract win. The stock rallied following the announcement that AI startup CoreWeave had exercised an option to secure nearly 120 megawatts (MW) of additional digital infrastructure from Core Scientific to host high-performance computing (HPC) operations.
The new contract, expected to add approximately $2 billion in cumulative revenue over the 12-year term, highlights the growing demand for infrastructure to support compute workloads fueled by the AI boom. CoreWeave's expansion brings the total HPC infrastructure contracted from Core Scientific to a substantial 500 MW.
This development positions Core Scientific to capitalize on the burgeoning AI market and solidify its position as a leading provider of data center solutions. The company is actively pursuing expansions to its existing facilities and evaluating additional sites to further expand its HPC hosting capacity. With the AI industry's relentless growth trajectory, Core Scientific's strategic moves could unlock significant revenue streams and propel its long-term growth prospects.
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