Core Scientific(CORZ) Stock Gains as Polaris Acquisition Expands Power Capacity

TLDR

• Core Scientific’s stock surges following its $421 million acquisition of Polaris
• CORZ increases its power capacity in Oklahoma to support AI operations
• Core Scientific aims for 1 gigawatt of leasable power via expansion initiatives
• The Polaris acquisition enhances Core Scientific’s AI hosting ambitions
• Core Scientific speeds up its transition from mining to AI infrastructure

(SeaPRwire) –   Core Scientific (CORZ) saw its shares rise steeply after announcing a significant expansion strategy focused on new power infrastructure in Oklahoma. During early trading, CORZ’s stock climbed 10.88% to $24.61 as the company accelerated its high-density colocation growth plans. This latest acquisition reinforced Core Scientific’s push into artificial intelligence infrastructure and large-scale compute services.

Core Scientific, Inc. (CORZ)

Polaris Acquisition Strengthens Oklahoma Expansion

CORZ revealed plans to purchase Polaris DS LLC for $421 million to expand operations in Muskogee, Oklahoma. The deal adds 440 megawatts of contracted power through Oklahoma Gas & Electric, allowing the company to expect faster deployment of future high-density compute facilities.

The acquisition remains subject to regulatory approvals and standard closing conditions, with completion targeted for the third quarter of 2026. Polaris already operates an energized 40-acre campus adjacent to Core Scientific’s existing Muskogee facilities, which includes electric service agreements and substation infrastructure to support future expansion.

Core Scientific stated that the acquisition aligns with its long-term target of approximately 1 gigawatt of leasable power capacity. The company secured nearly 250 additional acres to support future development plans, with its strategy combining acquisitions, infrastructure construction, and scalable power solutions across Oklahoma operations.

New Infrastructure Supports AI and High-Density Computing

Core Scientific has increasingly shifted from traditional Bitcoin mining toward artificial intelligence and high-performance computing infrastructure. As a result, the company continues converting former mining facilities into large-scale colocation campuses, with the Muskogee project marking another step in this operational transition.

Construction has already begun on a second 82.5 megawatt building within the Muskogee campus, with the company expecting initial delivery in the fourth quarter of 2027. Meanwhile, its existing 70 megawatt building remains on track for customer delivery in the second quarter of 2026.

The leased facility supports Nvidia GB300 systems and is currently undergoing testing and commissioning activities. Core Scientific continues load studies aimed at expanding grid-connected capacity across the site, and has also developed behind-the-meter power solutions to support future scaling requirements.

Revenue Shift Reflects Business Transformation

Bitcoin miners are increasingly pursuing artificial intelligence and compute-focused operations as mining economics remain under pressure. Consequently, infrastructure assets and long-term power agreements now attract significant strategic interest, with companies holding large energy access continuing to expand into colocation and compute hosting services.

Core Scientific’s latest quarterly report showed total revenue declining to $79.8 million from $94.9 million year-over-year. Colocation revenue climbed significantly to $31 million from $8.5 million during the same period, while Bitcoin mining revenue dropped to $42 million from $79 million.

The company also secured major financing initiatives to support its expansion plans earlier this year, including a $3.3 billion private debt offering alongside $1 billion in loans. Previously, shareholders rejected a proposed $9 billion merger with CoreWeave, though both companies continue their commercial partnerships.