This text first appeared in The Power Magazine. The unique article will be seen right here. The Power Magazine (previously The Miner Magazine) offers information, information, and insights on the vitality–compute–markets nexus.
The corporate stated Tuesday it plans to scale its Muskogee, Oklahoma campus to roughly 1.5 gigawatts of gross energy, or about 1 gigawatt of leasable capability, by combining acquisitions, grid growth and behind-the-meter technology methods.
On the heart of the growth is Core Scientific’s settlement to amass Polaris DS LLC, a bitcoin mining operator that controls 440 megawatts of contracted energy by Oklahoma Fuel & Electrical. The location is already energized and actively working, permitting Core to probably speed up supply timelines for future AI clients in contrast with greenfield developments that may take years to safe utility approvals and transmission entry.
The transaction is predicted to shut within the third quarter of 2026, topic to regulatory approvals and different situations.
The deal highlights how massive bitcoin mining campuses — initially constructed for energy-intensive cryptocurrency operations — are more and more changing into strategic targets within the AI infrastructure race as a result of they already possess scarce grid entry, substations and high-capacity electrical infrastructure.
Core Scientific stated building has already began on a second, at the moment unleased 82.5 MW constructing on the Muskogee campus, with supply anticipated within the fourth quarter of 2027. The corporate added that its current 70 MW facility designed for Nvidia’s GB300 platform stays on monitor for supply to a buyer within the second quarter of 2026 following ultimate testing and commissioning.
The Polaris acquisition would add roughly 40 acres adjoining to Core Scientific’s present Muskogee operations, together with a substation and electrical service agreements with OG&E. Beneath the settlement, Core won’t purchase Polaris’ energetic mining enterprise itself. As a substitute, the present operations, staff, buyer contracts and mental property shall be transferred out earlier than closing by a pre-closing reorganization.
Core Scientific stated the present mining operation will proceed winding down in phases by mid-2028 underneath a brief leaseback association, whereas the corporate steadily repurposes the positioning for future high-density compute deployments.
The acquisition worth might rise to as a lot as $461 million if Polaris secures a further 40 MW of agency electrical capability earlier than the tip of 2026 underneath an modification to its utility settlement.
The settlement additionally reveals that Core Scientific has already positioned $120 million into escrow deposits tied to the acquisition, together with an preliminary deposit made in January. The corporate stated the transaction shall be funded utilizing current liquidity.
The Muskogee growth represents the second main campus the place Core Scientific is making use of what Chief Govt Adam Sullivan described as a “multi-tiered” scaling technique that mixes acquisitions, improvement experience and behind-the-meter energy options.
The strategy mirrors a broader pattern throughout the AI infrastructure sector, the place operators are more and more pursuing current bitcoin mining websites to bypass lengthy utility interconnection queues and speed up deployment timelines for hyperscale AI clients.
Core Scientific has emerged as one of the vital aggressive bitcoin miners pivoting into AI infrastructure. The corporate beforehand disclosed plans to remodel its Pecos, Texas campus right into a roughly 1.5 GW information heart improvement concentrating on about 1 GW of leasable capability for high-density colocation clients.
The corporate can be constructing out a number of CoreWeave-related information heart tasks after signing long-term HPC internet hosting agreements with the AI cloud supplier. Current bond disclosures confirmed Core Scientific and CoreWeave count on to spend roughly $5.5 billion growing six information facilities throughout 5 websites by the primary half of 2027.
Oklahoma officers have more and more promoted the state as a vacation spot for AI and energy-intensive compute tasks. Governor Kevin Stitt stated Core Scientific’s growth demonstrates how new behind-the-meter laws and vitality insurance policies are serving to appeal to large-scale infrastructure funding into the state.
This text first appeared in The Power Magazine. The unique article will be seen right here. The Power Magazine (previously The Miner Magazine) offers information, information, and insights on the vitality–compute–markets nexus.
