Core Scientific, Inc. (CORZ) Stock: Climbs as Polaris Acquisition Expands Power Capacity

TLDR

• Core Scientific stock jumps after $421M Polaris acquisition deal
• CORZ expands Oklahoma power capacity to support AI operations
• Core Scientific targets 1GW leasable power through expansion plans
• Polaris acquisition boosts Core Scientific AI hosting ambitions
• Core Scientific accelerates shift from mining to AI infrastructure

Core Scientific (CORZ) shares climbed sharply after the company unveiled a major expansion strategy tied to new power infrastructure in Oklahoma. CORZ rose 10.88% to $24.61 during early trading as the company accelerated its high-density colocation growth plans. The latest acquisition strengthened Core Scientific’s push into artificial intelligence infrastructure and large-scale compute services.

Core Scientific, Inc., CORZ

Polaris Acquisition Strengthens Oklahoma Expansion

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

The acquisition remains subject to regulatory approvals and standard closing conditions during the third quarter of 2026. Polaris already operates an energized 40-acre campus beside Core Scientific’s existing Muskogee facilities. The site also includes electric service agreements and substation infrastructure supporting future expansion.

Core Scientific stated that the acquisition supports its long-term target of approximately 1 gigawatt of leasable power capacity. The company secured nearly 250 additional acres to support future development plans. The strategy combines 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. Therefore, the company continues converting former mining facilities into large-scale colocation campuses. The Muskogee project represents another step in that operational transition.

Construction has already started on a second 82.5 megawatt building within the Muskogee campus. The company expects initial delivery during the fourth quarter of 2027. Meanwhile, its existing 70 megawatt building remains on track for second-quarter 2026 customer delivery.

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

Revenue Shift Reflects Business Transformation

Bitcoin miners increasingly pursue artificial intelligence and compute-focused operations as mining economics remain pressured. Consequently, infrastructure assets and long-term power agreements now attract significant strategic interest. Companies with large energy access continue expanding 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. Meanwhile, Bitcoin mining revenue dropped to $42 million from $79 million.

The company also secured major financing initiatives supporting its expansion plans earlier this year. Core Scientific announced a $3.3 billion private debt offering alongside $1 billion in loans. Previously, shareholders rejected a proposed $9 billion merger with CoreWeave, although both companies continue commercial partnerships.