Core Scientific Plans $3.3 Billion Junk-Bond Sale for AI Data Centers
Core Scientific plans a $3.3 billion speculative-grade debt sale to fund its pivot into AI infrastructure, including six data centers under a 12-year CoreWeave agreement and partial debt refinancing. The firm reduced Bitcoin holdings to fewer than 1,000 coins after a January sale that generated $175 million.
1. Debt Sale Announcement
Core Scientific unveiled a $3.3 billion speculative-grade debt offering, earmarking proceeds for refinancing existing obligations and funding its strategic shift into AI infrastructure. The company has not yet disclosed interest rates or pricing details and timing of the issuance remains pending.
2. AI Infrastructure Pivot
Under a 12-year agreement with CoreWeave, Core Scientific is constructing six high-density data centers designed to deliver an estimated $10 billion in revenue. CEO Adam Sullivan indicated that capital raised will accelerate commissioning of these facilities to meet growing AI demand.
3. Bitcoin Holdings Reduction
In January, the company sold 1,900 Bitcoin for $175 million and now holds fewer than 1,000 coins, down from 2,537 at the end of 2025. Management highlighted that Bitcoin mining remains profitable but is no longer the primary growth driver.
4. Financial Impact
Shares rose 4.5% on the debt sale news, marking a 42% gain year-to-date. In Q4, Bitcoin mining generated $41.1 million compared with $31.3 million from colocation services, illustrating the evolving revenue mix.