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

core Scientific, a Bitcoin miner turned data center operator said Tuesday it plans to offer $3.3 billion in speculative debt to fund its massive move into AI infrastructure.

In an announcement, the roughly $6.55 billion company said it would use some of the proceeds from the raise to refinance debt. The company did not say what the notes due in 2031 would earn in terms of interest, nor when they would be offered to investors.

Under a 12-year deal with cloud computing company CoreWeave, which could generate roughly $10 billion in revenue, Core Scientific is currently building six data center facilities. Bloomberg reported Tuesday, citing a person with direct knowledge of the matter.

Shares of Core Scientific rose 4.5% to $20.77 on Tuesday, according to Yahoo Finance. As the rise of AI continues to drive demand for high-density data centers in the US, the company’s shares are up 42% this year.

The sale of junk bonds would capitalize the company with additional financing afterward secured up to $1 billion in financing from Morgan Stanley. Core Scientific CEO Adam Sullivan said the company would deploy capital to accelerate service timelines associated with its projects.

Days earlier, the Austin, Texas-based company indicated that this would be the case continue unloading Bitcoin to fund 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.

Now positioning itself as a leader in digital infrastructure and high-density colocation, the company ended 2025 with 2,537 Bitcoin on its balance sheet, which today would be worth $192 million, while Bitcoin recently changed hands for around $75,800, according to Coin gecko.

Although the company is distancing itself from the leading digital assets, Bitcoin mining is still the company’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 company is one of many that have mined Bitcoin in the past 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 became described itself as one of the largest Bitcoin miners in North America. And last year, its mining fleet produced 13,762 Bitcoin, an amount estimated today at around $1 billion.