Core Scientific acquires Polaris Technologies to expand AI data center campus in Muskogee, Oklahoma
Type: Acquisition · Technology: Data Center · Country: United States · Capacity: 440 MW · Value: $421M · Announced: 2026-05-06
Core Scientific finalized an agreement to acquire Polaris DS LLC, a Bitcoin mining firm operating in Muskogee, Oklahoma, for approximately $421 million in cash. The transaction includes the acquisition of 40 acres of land adjacent to Core Scientific's existing Muskogee facility, along with an on-site substation and electrical service agreements with Oklahoma Gas & Electric Company for up to 440MW of contracted power. Core Scientific plans to repurpose the acquired assets to support its expansion into AI data center development, leveraging the existing grid connection. The deal is expected to close in Q3 2026 and includes an additional $40 million cash consideration if an additional 40MW of firm electric capacity becomes available by December 31, 2026. Core Scientific, which began as a cryptomining data center operator in 2017, has pivoted to AI data center development and now operates facilities across seven U.S. states.
Counterparties
- Polaris DS LLC (Seller)
- Core Scientific (Buyer)
- Oklahoma Gas & Electric Company (Supplier)