11:05 AM EDT, 10/22/2024 (MT Newswires) -- Core Scientific ( CORZ ) said Tuesday that AI Hyperscaler, CoreWeave, has exercised its final option to contract for more infrastructure.

Building on previous 382 megawatts of infrastructure for high-performance computing hosting, the option exercise will position Core Scientific ( CORZ ) to provide a total of about 500 MW of IT load to CoreWeave by H2 2026, the company said.

The firm said it will upgrade one of its sites to provide about 120 incremental megawatts of IT load to host CoreWeave's NVIDIA graphics processing units. Site upgrades would start in H2 2025, with operational status expected in H2 2026.

The new 12-year hosting contract with CoreWeave is expected to bring in about $2.0 billion in additional revenue over its term, adding to the $6.7 billion from previous contracts with CoreWeave, for a total of $8.7 billion, the company said.

The stock was up more than 5% in recent trading.

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