Core Scientific buys Polaris mine for $421M to add AI power in Oklahoma

Published: 2026-05-07 11:52:00 |

Core Scientific (NASDAQ: CORZ) agreed to buy Polaris DS LLC, a neighboring Bitcoin mining operator, for $421 million. The deal is designed to lift its Muskogee, Oklahoma campus toward ~1.5 GW gross power (about ~1 GW leasable) for AI and high-performance computing, using Polaris’ 440 MW contracted electricity via Oklahoma Gas & Electric. The Muskogee site is already energized and operating, which could help Core Scientific meet AI data center demand faster than new grid builds. The transaction is expected to close in Q3 2026, pending regulatory approvals. New updates: Core Scientific is also building an additional 82.5 MW facility at Muskogee for delivery in Q4 2027, and its existing 70 MW Nvidia GB300 platform-related build remains on track for a Q2 2026 customer delivery. Core Scientific will not acquire Polaris’ active Bitcoin mining business directly; instead, it will transfer employees, customer contracts, and intellectual property before closing via a pre-closing reorganization. Polaris’ mining operations will wind down in phases through mid-2028 under a temporary leaseback as the site is repurposed for higher-density compute. Deal terms: the price may rise to $461 million if Polaris secures an extra 40 MW of firm electric capacity by end-2026. Core has already placed $120 million in escrow deposits and plans to fund the purchase using existing liquidity. For crypto traders, this reinforces the shift from Bitcoin mining toward AI infrastructure powered by contracted grid access.

Neutral

This is more about miners monetizing electricity for AI/HPC than about BTC production or spot demand. In the short term, traders may view the deal as positive for the mining-tech transition narrative, but it is not an immediate change to Bitcoin mining output that would directly tighten or expand BTC supply. In the medium-to-long term, improved access to contracted grid power could help support the industry’s profitability and uptime, which can support sentiment, yet the winding-down/leaseback structure suggests Polaris’ active BTC mining will gradually diminish through mid-2028. Net effect on BTC price is therefore likely limited: sentiment may improve, but the linkage to BTC flow/price dynamics is indirect.