Core Scientific (CORZ) is planning a $3.3 billion junk bond sale. The offering finances a strategic shift from cryptocurrency mining to artificial intelligence infrastructure. These senior secured notes mature in 2031.
Proceeds will fund the construction of six data center facilities. A 12-year agreement with AI cloud provider CoreWeave fully contracts these sites. The deal is expected to generate approximately $7.8 billion in illustrative revenue over the contract term.
This move represents one of the largest infrastructure-backed bond offerings by a former bitcoin miner. Core Scientific will also use the funds to refinance an existing credit facility. The capital provides completion guarantees for the data center projects. This transaction highlights an industry trend toward high-performance computing as a primary revenue source.