Core Scientific secures additional $500M loan from JPMorgan

Cryptocurrency mining firm Core Scientific (CORZ) announced it has secured an additional $500 million loan from JPMorgan. This brings its total loan financing to $1 billion, following a previous $500 million loan from Morgan Stanley. The funds are slated for developing data centers, purchasing equipment, acquiring real estate, and securing new power agreements to meet the growing demand for AI. Core Scientific is in the process of diversifying from a Bitcoin mining-focused company into an AI infrastructure provider.