Core Scientific bond raise

Core Scientific is trying to raise $3.3 billion in bonds to build more artificial intelligence data centers, deepening its move away from bitcoin mining. (investors.corescientific.com) The company said April 21 that the debt would be issued as senior secured notes due 2031 by a finance subsidiary, with proceeds slated for data center development, debt repayment and fees. Bloomberg reported the sale as part of a new wave of high-yield, or junk-rated, borrowing tied to artificial intelligence infrastructure. (investors.corescientific.com) (bloomberg.com) At the center of the pitch are six data center projects that Core Scientific says are leased to CoreWeave for 12 years and could bring in about $10 billion of cumulative revenue. CoinDesk reported those sites are the backbone of the financing plan. (coindesk.com) (investors.corescientific.com) Core Scientific was one of the largest listed bitcoin miners before the crypto downturn pushed it into Chapter 11 in late 2022. It emerged from bankruptcy in January 2024 and has spent the past year repositioning its powered sites for high-performance computing, the type of server work used to train and run artificial intelligence models. (reuters.com) (corescientific.com) That shift has spread across the mining industry because both businesses need the same scarce inputs: large blocks of electricity, land, cooling equipment and fast connections. When bitcoin mining margins tightened after the April 2024 halving cut block rewards in half, miners had a stronger reason to chase longer-term contracts with cloud and artificial intelligence customers. (investors.corescientific.com) (cmegroup.com) CoreWeave has been a big part of that transition. In February 2025, Core Scientific and CoreWeave announced a $1.2 billion expansion at the Denton, Texas, site, and Core Scientific said its contracted business with CoreWeave had climbed to more than $10 billion in potential cumulative revenue. (investors.corescientific.com) The relationship is also more complicated than a standard customer contract. CoreWeave agreed in July 2025 to acquire Core Scientific in an all-stock deal valued at about $9 billion, saying the transaction would give it direct control of roughly 1.3 gigawatts of power capacity and eliminate more than $10 billion of lease overhead over 12 years. (investors.coreweave.com) That leaves bond investors underwriting a company in the middle of two transitions at once: from crypto miner to artificial intelligence landlord, and from standalone public company to an agreed takeover target. The sale shows how aggressively credit markets are financing the power-and-compute buildout behind artificial intelligence, even when the borrower still carries a speculative-grade profile. (bloomberg.com) (coindesk.com)