In an announcement, the company valued around $6.55 billion said that it would use a portion of proceeds from the raise to refinance debt. The firm did not say what the notes due in 2031 would pay in terms of an interest, nor when they would be offered to investors.
Core Scientific shares rose 4.5% on Tuesday to $20.77, according to Yahoo Finance. As the AI boom has continued to drive demand for high-density data centers across the U.S., the company’s shares have surged 42% year-to-date.
Although the company is distancing itself from the leading digital asset, Bitcoin mining has remained the firm’s biggest money-maker. In the fourth quarter, Core Scientific earned $41.1 million from mining Bitcoin for itself compared to $31.3 million from colocation.
The firm is among several that have historically mined Bitcoin but are now prioritizing AI, including Hut 8, TeraWulf, Riot Platforms, MARA Holdings, and Bitfarms.
