Core Scientific Supports CoreWeave's AI Services

 

Core Scientific (NASDAQ: CORZ) announced 12-year contracts with CoreWeave, committing to deliver 200MW for AI compute operations. The agreements enable Core Scientific to modify existing sites for CoreWeave's NVIDIA GPUs, enhancing its hosting business while maintaining bitcoin mining. The move aims to capture growth in AI compute, diversify revenue streams, and expedite time to market for high-power sites.

CoreWeave gains options to expand hosting footprint, with capital investments covered by them. These agreements, totaling over $3.5 billion in revenue during the initial terms, bolster Core Scientific's position in digital infrastructure, emphasizing stable, recurring revenue and enhancing shareholder value. With 1.2GW of contracted power, Core Scientific's move optimizes resources, balancing between alternative compute and bitcoin mining to support business continuity and growth.

More Information: https://www.techdogs.com/tech-news/business-wire/core-scientific-to-provide-approximately-200-mw-of-infrastructure-to-host-coreweaves-high-performance-computing-services-capturing-significant-ai-compute-opportunity