The acquisition materially expands Core Scientific's power portfolio, supporting its high-density colocation growth thesis. Monitor for the $40M earn-out trigger (additional 40 MW by Dec 31, 2026) and the H2 2027 delivery milestone for the next 82 MW at Muskogee, which will be key catalysts for revenue growth.
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Executive Summary
Core Scientific completed its previously announced acquisition of Polaris DS LLC for approximately $444.3 million in cash, securing ~440 MW of grid-connected power capacity in Oklahoma. The company reiterates its plan to scale its Muskogee campus to 1.5 GW of gross power and is on track to deliver the next ~82 MW to a customer in H2 2027.
Key Facts
- Acquisition of Polaris DS LLC closed on August 13, 2026 for ~$444.3 million in cash.
- Purchase price may increase by an additional $40 million if 40 MW of additional firm electric capacity becomes available by Dec 31, 2026.
- Core Scientific secured ~440 MW of gross, grid-connected power capacity via existing electric service agreements with Oklahoma Gas & Electric.
- Company reiterates plan to scale Muskogee campus to ~1.5 GW of gross power (~1.0 GW leasable).
- Next ~82 MW at Muskogee expected to be delivered to a customer beginning H2 2027.
- Year-to-date, Core Scientific has added more than 600 MW of leasable power to its portfolio through site acquisitions.
Financial Impact
~$444.3 million cash acquisition, with potential $40 million earn-out for additional capacity
Risk Factors
- Execution risk in scaling Muskogee campus to 1.5 GW and delivering 82 MW on schedule.
- Potential additional cash outlay of $40 million if earn-out conditions are met.
- Dependence on continued demand for AI-related high-density colocation services.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001839341-26-000018 |
| Document: polarisclosingvf20260814.htm | 0001839341-26-000018 |
| Document: 0001839341-26-000018-index-headers.html | 0001839341-26-000018 |
| Document: 0001839341-26-000018-index.html | 0001839341-26-000018 |
| Document: 0001839341-26-000018.txt | 0001839341-26-000018 |
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