Core Scientific Advances 1.5GW AI Data Center Pivot from Bitcoin Mining

Core Scientific is pushing forward with converting its Pecos, Texas Bitcoin mining campus into a 1.5 GW gross power AI data center, with about 1 GW leasable capacity and initial operations targeted for early 2027. The company plans to repurpose 300 MW of existing mining power for AI workloads, secure another 300 MW under contract, acquire over 200 acres, and fund expansion through $3.3 billion in senior secured notes due 2031 plus a $1 billion Morgan Stanley credit facility. This move mirrors a broader industry trend among miners like MARA toward higher-margin AI services, potentially easing Bitcoin mining supply pressure and lifting sector sentiment.