Core Scientific Signs New Contract with CoreWeave
Core Scientific announced a new contract with CoreWeave to deliver approximately 70 megawatts of additional infrastructure to host high performance computing operations. Site modifications are expected to begin in the second half of 2024, with expected commissioning in the second half of 2025. This new 12-year HPC hosting contract will further increase Core Scientific’s exposure to dollar-denominated revenues over the multi-year term of the contract. From revenue to gross margin, the new contract with CoreWeave is expected to enhance profitability and drive shareholder value, with an estimated cumulative revenue increase of $1.225 billion over the 12-year contract term, compared to the previously announced contract with CoreWeave which was expected to generate more than $3.5 billion in cumulative revenue.
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