Core Scientific bond sale

Core Scientific is trying to raise $3.3 billion in junk bonds to build more artificial-intelligence data centers. (coindesk.com) The company said the debt sale would help refinance existing obligations and fund U.S. data center expansion as it shifts further away from bitcoin mining. Bloomberg reported the offering would come as speculative-grade debt. (coindesk.com) (bloomberg.com) Core Scientific’s current buildout centers on six sites leased to CoreWeave for 12 years. The company said those contracts are expected to produce about $10.2 billion in cumulative revenue. (businesswire.com) An AI data center is a warehouse-sized computing site packed with graphics processors, the chips used to train and run large AI models. Core Scientific has been repurposing power-heavy crypto mining campuses for that market as demand for AI computing and electricity has surged. (investors.corescientific.com) (coindesk.com) The six-site CoreWeave agreement announced in February 2025 expanded CoreWeave’s contracted capacity with Core Scientific to about 590 megawatts of critical information-technology load. That Denton, Texas expansion alone added $1.2 billion in contracted revenue, Core Scientific said at the time. (businesswire.com) The financing push lands in a market where data center capacity is scarce enough to be funded more like power plants, pipelines, or toll roads. CoinDesk said lenders are increasingly treating long-term AI compute contracts as infrastructure-style cash flows. (coindesk.com) CoreWeave has also been raising debt aggressively to lock in more AI capacity. Its investor-relations site shows it priced $1 billion of 9.750% senior notes due 2031 on April 16, 2026, and an upsized $3.5 billion convertible senior notes offering on April 10, 2026. (investors.coreweave.com) That borrowing spree follows CoreWeave’s July 2025 agreement to acquire Core Scientific in an all-stock deal valued at about $9 billion. Core Scientific said the merger would eliminate more than $10 billion of future lease overhead tied to existing contractual sites over the next 12 years. (investors.corescientific.com) Core Scientific emerged from Chapter 11 bankruptcy in January 2024 after the crypto downturn crushed mining economics and power-intensive operators. Its latest fundraise shows how quickly those same power-connected sites have become collateral for the AI buildout. (investors.corescientific.com) (coindesk.com)