CoreWeave Signs Final Option to Total 502 MW in AI Hosting with Core Scientific

AI cloud-computing startup CoreWeave has exercised its final option to contract Bitcoin mining and data center giant Core Scientific for an additional 120 megawatts of high-performance computing capacity.

Core Scientific announced on Tuesday that it plans to begin modifying its existing infrastructure for this newly signed 120 MW option in the second half of 2025, with operations expected to be fully underway by the second half of 2026.

Core Scientific and CoreWeave initially entered into a 200 MW GPU hosting contract in early June, with an option to increase capacity within the subsequent 60 to 90 days.

CoreWeave exercised the first option in late June for 70 MW, the second option in August for 112 MW, and the final option for 120 MW. In total, the AI computing firm is set to colocate 502 MW of GPUs at what was once the largest public Bitcoin mining operator.

According to the terms of the agreements since June, CoreWeave will prepay over half a billion dollars for the modification costs associated with the initial contract and the three exercised options. This prepayment could be used to offset parts of the monthly fees once the hosting capacities become operational.

Core Scientific claimed that the 12-year contract term with CoreWeave for the half-gigawatt power capacities is projected to generate a total revenue of $8.7 billion.

Meanwhile, Core Scientific’s proprietary Bitcoin mining capacity has remained stable, while its major competitors are engaged in an arms race to increase their proprietary hashrate. Consequently, Core Scientific’s market share in Bitcoin mining, based on monthly production, has declined from 3.27% in January to 2.54% in September.