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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 pivot into AI infrastructure.
In an announcement, the company valued around $6.55 billion said it would use a portion of the proceeds from the raise to refinance debt. Core Scientific did not specify what interest rate the notes due in 2031 would carry, nor when the notes 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. The stock has gained 42% year-to-date as the AI boom has increased demand for high-density data centers across the U.S.
The junk-bond sale would provide additional funding after the company secured up to $1 billion in financing from Morgan Stanley. CEO Adam Sullivan said the company would deploy capital to accelerate service timelines tied to its projects.
Days earlier, the Austin, Texas-based firm said it would continue offloading Bitcoin to finance its pivot. At the time, CFO Jim Nygaard estimated the company owned less than 1,000 Bitcoin after selling 1,900 Bitcoin for $175 million in January.
Core Scientific is billing itself as a leader in digital infrastructure and high-density colocation, and it said it ended 2025 with 2,537 Bitcoin on its balance sheet, worth $192 million today, based on Bitcoin recently trading around $75,800, according to CoinGecko.
While the company is distancing itself from Bitcoin mining, it remains its biggest money-maker. In the fourth quarter, Core Scientific earned $41.1 million from mining Bitcoin for itself, compared with $31.3 million from colocation.
Core Scientific is among several companies that have historically mined Bitcoin but are now prioritizing AI, including Hut 8, TeraWulf, Riot Platforms, MARA Holdings, and Bitfarms.
After emerging from Chapter 11 bankruptcy in 2024, Core Scientific described itself as one of the largest Bitcoin miners in North America. In the previous year, its miner fleet produced 13,762 Bitcoin, valued at roughly $1 billion today.
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