Core Scientific to buy Polaris for $421M, adds 440 MW

Core Scientific has agreed to acquire Polaris DS LLC for $421 million, obtaining a 40-acre campus in Muskogee, Oklahoma, and 440 megawatts of power contracted with Oklahoma Gas & Electric. The companies expect the transaction to close in the third quarter of 2026, subject to regulatory approval.

The Polaris site is energized and operating and sits adjacent to Core’s existing Muskogee operations, which include a substation and electric service agreements with OG&E. Core said the acquisition provides immediate access to large-scale contracted power intended for high-density compute and AI colocation services.

Core has been converting former bitcoin mining facilities into data centers for artificial intelligence and other compute-intensive workloads. The company is expanding sites in Texas, Georgia, North Carolina and Oklahoma and reports a pipeline targeting multiple gigawatts of leasable capacity.

At Muskogee, Core is constructing an 82.5-megawatt facility to add to an existing 70-megawatt operation. The 82.5 MW project is scheduled for delivery in the fourth quarter of 2027. The company aims to eventually supply up to 1 gigawatt of leasable power at the campus.

In the latest quarter, total revenue fell to $79.8 million from $94.9 million a year earlier. Bitcoin-mining revenue declined to $42 million from $79 million, while colocation revenue rose to $31 million from $8.5 million. Core has restructured its balance sheet with a $3.3 billion private debt offering of senior secured notes and $1 billion in bank loans.

Core CEO Adam Sullivan described the Muskogee approach as a combination of acquisitions, development expertise and power solutions to enable gigawatt-scale capacity. He called the Polaris purchase the company’s second expansion using that model and added it will help grow a campus to support high-density compute deployments.

Regulatory approval is required for the acquisition. Polaris’s physical infrastructure and long-term power contracts provide immediate capacity for energy-intensive computing workloads.