Core Scientific Plans $3.3B Junk-Bond Sale to Bankroll Its AI Data Center Pivot
Senior secured notes due 2031 will fund six AI data centers leased to CoreWeave on a 12-year term — part of $17.9B raised industry-wide in AI infrastructure this year.
Bitcoin-miner-turned-AI-landlord Core Scientific (NASDAQ: CORZ) disclosed on April 21 a proposed $3.3 billion senior secured notes offering due 2031 — one of the largest single-company debt raises tied to AI data center construction this cycle.
What's new
Proceeds will fund six AI-ready data centers leased to CoreWeave on a 12-year term, a contract company filings value at roughly $10 billion in lifetime revenue. Part of the raise also refinances Core Scientific's 364-day credit facility, effectively extending debt maturities as the company scales.
Why it matters
The deal pushes 2026's cumulative AI-infrastructure debt issuance past $17.9 billion, per Bloomberg, and marks the clearest signal yet that crypto-mining operators with power + land are monetizing those assets via AI leases rather than new hashrate. Core Scientific sold $175 million of bitcoin last month to accelerate the pivot.
BloombergThe takeaway
The "mining-to-AI" conversion trade is now a credit story, not a crypto story. Watch Hut 8, Riot, and Iris Energy for similar debt raises — and watch CoreWeave's counterparty concentration risk as Core Scientific becomes one of its largest single landlords.
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