Bitcoin Miner Core Scientific Shares Spike After Signing $2B of Additional Computing Contract

Core Scientific shares rose as much as 17 percent following new deal with CoreWeave.

The miner expects to generate total revenue of $6.7 billion over the life of the contract, which begins in the first half of 2026.

Shares of bitcoin mining company Core Scientific (CORZ) surged as much as 17% on Tuesday, outperforming other crypto-related stocks, after the company extended its high-performance computing (HPC) contract with CoreWeave.

The miner said in a statement that it has exercised an option from a previous contract to host approximately 112 megawatts (MW) of additional GPUs for “AI hyperscaler” firm CoreWeave. The new contract is expected to generate approximately $2 billion in additional revenue starting in the first half of 2026, bringing the total to $6.7 billion. CoreWeave will cover the cost of all capital investments required to make Core Scientific’s existing mining infrastructure HPC-ready, the statement added.

“Reflecting the strong demand for high-power data center infrastructure and our team’s unique ability to deliver it, we have signed a contract with CoreWeave for a total of 382 megawatts of HPC infrastructure,” said Adam Sullivan, CEO of Core Scientific.

Previously, the miner had said it would provide hosting infrastructure for 200MW worth of GPUs for CoreWeave, with options to add more capacity. Later, the two companies expanded the deal by another 70MW, making this new agreement a third extension.

The original deal brought renewed attention to the mining sector, which has been negatively affected by the cryptocurrency’s brutal winter and low profit margins due to the recent halving.

HPC and artificial intelligence (AI) companies require energy-intensive data centers, sites, and infrastructure that are expensive and time-consuming to secure. Bitcoin miners, on the other hand, already have the power contracts and infrastructure ready to support such needs, making them easier candidates to host HPC and AI-related machines than building from scratch or using legacy data centers.

Seizing on this market opportunity, Core Scientific said it has options for a further extension of the contract to accommodate an additional 118MW worth of machines for HPC computing.

“The latest contract also validates that our strategy of developing application-specific data centers aligns with the increasing energy density requirements for high-performance computing that traditional data centers typically do not meet,” Sullivan said.

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