Core Scientific (CORZ) Just Spent $444 Million on More Power. Here’s Why It Keeps Buying

On August 14, 2026, Core Scientific (CORZ) completed its acquisition of Polaris DS for around $444 million in cash. This brings the company's total power capacity at its Muskogee campus to 1.5 gigawatts. The main reason behind these acquisitions is to cater to the growing demand for AI data centers. Core Scientific has already transformed its former bitcoin mining sites into AI infrastructure, reshaping its business model away from cryptocurrency mining.

CEO Adam Sullivan stated that this acquisition is part of the company's strategic expansion of its power portfolio, with more than 600 megawatts of leasable power added through site acquisitions this year alone. Core Scientific has also signed a deal with AMD, providing the company with over 500 megawatts of AI-ready data center capacity starting in 2027, expandable to 2.5 gigawatts.

The company is still repurposing bitcoin-mining sites into AI hosting capacity, but its rapid acquisition spree raises questions about whether it is building a genuinely differentiated AI infrastructure company or accumulating debt-funded power capacity before confirming any demand.