Tech firm makes massive $421 million acquisition to supercharge artificial intelligence capabilities

Table of Contents Core Scientific announced a $421 million agreement to acquire Polaris DS LLC in Oklahoma. The company targets the expansion of its AI data center capacity through the transaction. The deal adds contracted power and operating infrastructure to support high-density computing growth. Core Scientific confirmed it will acquire Polaris DS LLC for $421 million in cash and stock. The agreement includes 440 megawatts of contracted power through Oklahoma Gas and Electric. The company plans to integrate these assets into its Muskogee campus operations. The transaction remains subject to regulatory approval and is expected to close in Q3 2026. The Polaris site spans 40 acres and operates with active infrastructure and energy connections. It sits adjacent to Core Scientific’s existing Muskogee operations, which include substations and service agreements. Core Scientific stated the acquisition will strengthen its regional capacity and development pipeline. The company will use the site to support AI workloads and high-performance computing services. Core Scientific CEO Adam Sullivan described the expansion strategy in an official statement. He said, “Our multi-tiered approach in Muskogee demonstrates how we can unlock gigawatt-scale capacity.” He also stated that the model supports scalable growth across multiple deployment types. The company confirmed this marks its second expansion using this approach. The company has started building a new 82.5 megawatt facility at the Muskogee campus. This project adds to its existing 70 megawatt operation already in service. Core Scientific expects delivery of the new facility in Q4 2027. The company aims to reach one gigawatt of leasable power capacity at the campus. Core Scientific shares rose about 9% to over $24 during Wednesday morning trading. The stock ranked among the top gainers in crypto-related equities for the session. Other companies posting gains included Hut 8, Riot Platforms, Bitdeer, and Bitfarms. These movements followed investor response to infrastructure expansion announcements. Core Scientific reported $79.8 million in total revenue in its latest quarterly results. This figure declined from $94.9 million reported in the same period a year earlier. Bitcoin mining revenue fell to $42 million from $79 million year-over-year. Meanwhile, colocation revenue increased to $31 million from $8.5 million. The company has shifted focus from holding bitcoin reserves toward infrastructure and service expansion. It has converted mining facilities across Texas, Georgia, North Carolina, and Oklahoma. These sites now support high-density colocation and AI computing workloads. Core Scientific continues to expand its pipeline for leasable capacity across these regions. Earlier in 2026, Core Scientific secured financing through a $3.3 billion private debt offering. The package included senior secured notes and loans totaling $1 billion. JPMorgan and Morgan Stanley participated in the lending arrangements. The funding supports continued infrastructure development and operational scaling. In October, shareholders rejected a proposed $9 billion all-stock merger with CoreWeave. Despite this decision, both companies continue to maintain a commercial relationship. Core Scientific confirmed ongoing collaboration under existing agreements. The Polaris acquisition represents its latest confirmed expansion step. Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.