Core Scientific Closes $444M Polaris Acquisition, Eyes 1.5 GW Oklahoma Campus (NASDAQ: CORZ)

Core Scientific (NASDAQ: CORZ) has closed its acquisition of Polaris DS LLC for approximately $444 million in cash, securing roughly 440 megawatts of currently operational, grid-connected power capacity in Oklahoma. The transaction advances Core Scientific's plan to scale its Muskogee campus to approximately 1.5 gigawatts of gross power, or approximately 1.0 gigawatt of leasable power. Shares gained 2.02% on Friday, August 14, while the S&P 500 fell 0.20%.

Deal Terms

• Purchase price: approximately $444 million in cash for Polaris DS LLC
• Power secured: approximately 440 MW of gross, grid-connected capacity currently in service under existing electric service agreements with Oklahoma Gas & Electric
• Campus target: Muskogee campus planned to reach approximately 1.5 GW of gross power, combining grid-connected and behind-the-meter solutions
• Near-term delivery: Core Scientific is on track to deliver approximately 82 MW at Muskogee to its customer beginning in the second half of 2027
• Year-to-date additions: through site acquisitions in 2026, the company has added more than 600 MW of leasable power to its portfolio

Why It Matters

The Polaris acquisition gives Core Scientific immediate operational scale rather than a development-stage power commitment: all 440 MW are already in service under existing utility agreements with Oklahoma Gas & Electric, reducing the execution risk typically associated with greenfield power procurement. CEO Adam Sullivan noted in the company's announcement that the transaction reflects the company's strategy of expanding its power portfolio to support long-term growth, with the Muskogee campus now positioned to become a gigawatt-scale high-density colocation facility serving AI workloads.

The $444 million price tag represents approximately 6.8% of Core Scientific's current market capitalization of $6.5 billion, a meaningful but not dilutive outlay relative to the power capacity secured. The company's stated path to 1.5 GW of gross power at Muskogee relies on a combination of grid-connected assets like those acquired from Polaris and behind-the-meter power solutions, a structure that provides flexibility in how capacity is delivered to colocation customers. The next tranche of 82 MW at Muskogee is already committed to a customer with delivery targeted for the second half of 2027.

Wall Street View

Wall Street's stance on Core Scientific remains constructive. As of August 1, 2026, analyst consensus stood at 7 Strong Buy and 16 Buy recommendations against 3 Hold ratings and no Sell or Strong Sell calls, though specific price targets were not available in the current data.

Investor Takeaway

The Polaris transaction converts balance sheet cash into operational power, a critical and often scarce input for AI data center growth. With more than 600 MW of leasable power added through acquisitions so far in 2026, Core Scientific is building a power portfolio whose scale could underpin multi-year colocation revenue visibility. The key forward question is execution: delivering the next 82 MW to a contracted customer by the second half of 2027 will be an early test of whether Muskogee's gigawatt ambition translates into recognized revenue.