10:30 AM EDT, 06/25/2024 (MT Newswires) -- Core Scientific ( CORZ ) said Tuesday that CoreWeave has exercised its option to contract for additional infrastructure based on 200 megawatt, 12-year high-performance computing hosting agreement.

Core Scientific ( CORZ ) will modify 100 MW of its infrastructure to deliver around 70 MW to host CoreWeave's NVIDIA GPUs for high-performance computing operations, the company said.

Site modifications are expected to start in H2, with operations anticipated in H2 2025, Core Scientific ( CORZ ) said. The agreement includes options for two renewal terms of five years each.

The new contract is expected to generate about $1.23 billion in cumulative revenue over the contract term, the company said.

Shares of Core Scientific ( CORZ ) rose nearly 5% in recent trading.

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