Core Scientific Expands AI Power Capacity with $421M Acquisition
- Core Scientific plans to acquire Polaris DS LLC for $421 million to expand its Muskogee, Oklahoma campus.
- The expansion aims to scale the site to approximately 1.5 gigawatts of gross power, with about one gigawatt of leasable capacity.
- Polaris controls Bitcoin mining operations with a contracted power of 440 megawatts through Oklahoma Gas & Electric.
- The acquisition will not include Polaris’ active mining business, which will be transferred out before closing in the third quarter of 2026.
- Core Scientific has already placed $120 million into escrow deposits for the acquisition and plans to use existing liquidity for funding.
This strategic move highlights how large Bitcoin mining campuses are becoming key targets in the AI infrastructure race due to their existing grid access and high-capacity electrical infrastructure.
The transaction is expected to close by Q3 of 2026, allowing Core Scientific to potentially accelerate delivery timelines for future AI customers compared with new developments that require lengthy utility approvals. (Source)
