Shares of Bitcoin miner Core Scientific (CORZ) soared by as much as 17% on Tuesday, outperforming other crypto-linked stocks. This surge followed the company’s announcement of an extension to its existing high-performance computing (HPC) contract with CoreWeave.
In a statement, Core Scientific revealed that it had exercised an option from a previous contract to host approximately 112 megawatts (MW) of additional GPUs for CoreWeave, an “AI Hyperscaler” firm. This new extension is projected to generate about $2 billion in additional revenue, bringing the total contract value to $6.7 billion, starting in the first half of 2026. CoreWeave will cover all capital investments required to upgrade Core Scientific’s existing mining infrastructure for HPC, the statement added.
“We have now contracted with CoreWeave for a total of 382 megawatts of HPC infrastructure, reflecting the strong demand for high-power data center infrastructure and the unique ability of our team to deliver it,” said Adam Sullivan, CEO of Core Scientific.
Previously, Core Scientific committed to providing hosting infrastructure for 200MW of GPUs for CoreWeave, with options to expand capacity. The two companies subsequently increased the deal by an additional 70MW, making this new agreement the third extension.
The original deal brought renewed attention to the mining industry, which had been struggling due to the harsh crypto winter and low profit margins following recent Bitcoin halvings.
HPC and artificial intelligence (AI) companies require energy-intensive data centers, which are costly and time-consuming to establish. Bitcoin miners, however, already possess the necessary power contracts and infrastructure, positioning them as ideal candidates to host HPC and AI-related machines compared to building new facilities or using legacy data centers.
Capitalizing on this market opportunity, Core Scientific stated it has options for further contract extensions to host an additional 118MW worth of HPC machines.
“The latest contract also validates that our strategy for developing application-specific data centers aligns with the increasing energy density requirements for high-performance computing that legacy data centers do not typically satisfy,” Sullivan added.
