Core Scientific (CORZ), a prominent Bitcoin mining and high‑performance computing firm, has agreed to acquire Polaris DS LLC for $421 million, according to reports. The deal, announced on May 6, 2026, gives Core Scientific immediate access to 440 megawatts of contracted power through Oklahoma Gas & Electric, which was originally secured for Bitcoin mining. The company plans to repurpose this capacity to expand its artificial intelligence data center operations, bypassing lengthy permitting and grid‑interconnection delays.
The acquisition includes an energized 40‑acre campus adjacent to Core Scientific’s existing Muskogee facility, along with electric service agreements and substation infrastructure. Core Scientific already has a 70‑megawatt building on track for customer delivery in Q2 2026 that supports Nvidia GB300 systems, and construction has started on an additional 82.5‑megawatt building expected in Q4 2027. The company says the move supports a long‑term target of roughly 1 gigawatt of leasable power capacity.
Market reaction was swift: CORZ shares rose 9.58% to $24.32 (and later as high as $24.61, up 10.88%). The strategic pivot mirrors a broader industry trend where Bitcoin miners like Hut 8 and Riot Platforms retrofit facilities to serve AI workloads amid a nationwide data center capacity shortage.
Core Scientific’s latest quarterly figures reflect the shift—colocation revenue jumped to $31 million from $8.5 million a year earlier, while Bitcoin mining revenue dropped from $79 million to $42 million. The company has also secured $3.3 billion in private debt and $1 billion in loans to fund the expansion, following a rejected $9 billion merger with CoreWeave (though the two remain commercial partners).
