On Tuesday, Core Scientific, originally a Bitcoin miner now focusing on data centers, announced its intention to issue $3.3 billion in speculative-grade debt. This move is aimed at funding its strategic shift towards Artificial Intelligence infrastructure. The company, valued at approximately $6.55 billion, plans to utilize part of the raised funds for refinancing existing debts. Details regarding interest rates or the exact offering date for notes due 2031 were not disclosed.
Core Scientific has entered a 12-year agreement with CoreWeave, potentially generating up to $10 billion in revenue, under which it is constructing six data center facilities, as reported by Bloomberg citing an insider source. The company’s shares climbed 4.5% on Tuesday, reaching $20.77 according to Yahoo Finance. Amidst the burgeoning demand for high-density data centers driven by AI advancements, Core Scientific’s stock has increased by 42% year-to-date.
The upcoming junk-bond sale will bolster financial resources following a secured financing of up to $1 billion from Morgan Stanley. CEO Adam Sullivan stated that these funds would expedite project timelines associated with their infrastructure initiatives. Prior to this, the firm announced plans to continue selling Bitcoin to finance its new strategic direction. CFO Jim Nygaard estimated holdings under 1,000 Bitcoin after offloading 1,900 units for $175 million in January.
Rebranding itself as a digital infrastructure leader specializing in high-density colocation, Core Scientific’s balance sheet showed 2,537 Bitcoin at the end of 2025, valued at approximately $192 million with Bitcoin trading near $75,800 according to CoinGecko. Despite distancing from Bitcoin mining, it remains their primary revenue source; last quarter saw earnings of $41.1 million from self-mining compared to $31.3 million from colocation.
Core Scientific is part of a trend where companies like Hut 8, TeraWulf, Riot Platforms, MARA Holdings, and Bitfarms are shifting focus from Bitcoin mining to AI. The company re-emerged from Chapter 11 bankruptcy in 2024 as one of North America’s largest Bitcoin miners. In the prior year, its operations yielded 13,762 Bitcoin, valued at about $1 billion today.