The miner plans to refinance short-term debt and scale its US infrastructure as the broader industry pivots toward AI and high-performance computing.
Core Scientific is seeking to raise $3.3 billion in debt to support its expanding data center operations across the United States, as crypto miners increasingly pivot toward high-performance computing and artificial intelligence workloads amid tighter conditions in the mining sector.
The financing will come through senior secured notes due in 2031, the company disclosed Tuesday. The notes will be backed by Core Scientific’s assets, giving investors priority claims in the event of default. Unlike an equity raise, the offering allows the company to access capital without diluting existing shareholders.
Proceeds from the offering are expected to fund ongoing data center development and refinance existing short-term debt.
