Core Scientific Reveals $3.3 Billion Junk-Bond Sale to Pivot Further from Bitcoin Mining to AI

Core Scientific said it will offer $3.3 billion of speculative‑grade debt to fund a pivot into AI data‑center infrastructure and to refinance existing debt. The firm — valued at about $6.55 billion — is building six data centers under a 12‑year deal with CoreWeave that could generate roughly $10 billion in revenue. The move follows recent financing (up to $1 billion from Morgan Stanley) and continued selling of Bitcoin to finance the pivot; the company ended 2025 with 2,537 BTC on its books (worth about $192M) and sold 1,900 BTC for $175M in January. Core Scientific shares rose about 4.5% on the news to $20.77 and are up ~42% YTD. Market impact: the raise signals growing capital flows into AI infrastructure (positive for data‑center and AI‑focused names) while continued miner Bitcoin sales could add modest selling pressure to BTC in the near term.