02:51 PM EDT, 08/06/2024 (MT Newswires) -- Core Scientific ( CORZ ) said Tuesday that CoreWeave had exercised an option to contract more infrastructure from the company.

CoreWeave will buy an additional 112 megawatts capacity on top of the 200 MW it had contracted in June to meet its high performance computing hosting needs.

Core Scientific ( CORZ ) said the new, 12-year hosting contract will add approximately $2 billion in cumulative revenue during the agreement's term, which would add to the $4.7 billion it was projecting from the original agreement.

The new pact also provides opportunities for two renewal terms of five years each, according to Core Scientific ( CORZ ).

Core Scientific ( CORZ ) said it would modify its sites to meet CoreWeave's infrastructure needs and expects to provide the total contracted capacity by H1 2026. The company added that CoreWeave would provide the capital needed for the modifications.

CoreWeave also retains an option to contract a further 118 MW for its high performance computing hosting needs, Core Scientific ( CORZ ) said.

Core Scientific ( CORZ ) shares were up more than 17% in recent trading.

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