Core Scientific pivots to AI data centers via bond sale

Core Scientific is planning a $3.3 billion junk bond sale to finance its strategic shift from cryptocurrency mining to AI-focused data center operations. The company is constructing six AI data centers, which will be leased to CoreWeave for a 12-year term, projecting approximately $10 billion in revenue. This move into high-yield debt is part of a broader trend in AI infrastructure funding, with $17.9 billion raised in similar bonds this year. Proceeds will cover construction, repay existing debt, and bolster reserves, highlighting the capital-intensive nature of the AI buildout.