Core Scientific Reveals $3.3 Billion Junk-Bond Sale to Pivot Further from Bitcoin Mining to AI

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In brief - Core Scientific, which mines Bitcoin, said it would offer $3.3 billion worth of speculative-grade debt to capitalize on the AI boom. - The firm is currently developing six data center facilities under a deal with cloud-computing firm CoreWeave, per Bloomberg. - The company said last month that it is willing to sell the entirety of its Bitcoin holdings in order to fund its ongoing pivot. Core Scientific, a Bitcoin miner turned data center operator, said on Tuesday that it plans to offer $3.3 billion worth of speculative-grade debt to fund its massive pivot into AI infrastructure. In an announcement, the company valued around $6.55 billion said that it would use a portion of proceeds from the raise to refinance debt. The firm did not say what the notes due in 2031 would pay in terms of an interest, nor when they would be offered to investors. Under a 12-year agreement with cloud-computing firm CoreWeave, which could generate roughly $10 billion in revenue, Core Scientific is currently building six data center facilities, Bloomberg reported on Tuesday, citing a person with direct knowledge of the matter. Core Scientific shares rose 4.5% on Tuesday to $20.77, according to Yahoo Finance. As the AI boom has continued to drive demand for high-density data centers across the U.S., the company’s shares have surged 42% year-to-date. The junk-bond sale would capitalize the firm with additional funding after it secured up to $1 billion in financing from Morgan Stanley. Core Scientific CEO Adam Sullivan said the firm would be deploying capital to accelerate service timelines associated with its projects. Days before, the Austin, Texas-based firm indicated that it would continue offloading Bitcoin in order to finance its pivot. At the time, CFO Jim Nygaard estimated that the company currently owns less than 1,000 Bitcoin after selling 1,900 Bitcoin for $175 million in January. Billing itself now as a leader in digital infrastructure and high-density colocation, the company concluded 2025 with 2,537 Bitcoin on its balance sheet that would be worth $192 million today, with Bitcoin recently changing hands around $75,800, according CoinGecko. Although the company is distancing itself from the leading digital asset, Bitcoin mining has remained the firm’s biggest money-maker. In the fourth quarter, Core Scientific earned $41.1 million from mining Bitcoin for itself compared to $31.3 million from colocation. The firm is among several that have historically mined Bitcoin but are now prioritizing AI, including Hut 8, TeraWulf, Riot Platforms, MARA Holdings, and Bitfarms. When Core Scientific emerged from Chapter 11 bankruptcy in 2024, the company described itself as one of the largest Bitcoin miners in North America. And the previous year, its fleet of miners produced 13,762 Bitcoin, a sum valued at roughly $1 billion today.

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