Core Scientific Seeks $3.3B in Notes to Fund AI Data Centers

Core Scientific is seeking $3.3 billion through a private placement of senior secured notes due 2031, to be issued by subsidiary Core Scientific Finance I LLC and aimed at institutional investors. Proceeds are to strengthen the company’s balance sheet, fund a debt service reserve and be distributed to the parent to repay outstanding borrowings under a short-term credit facility, including interest and related costs.

The notes will be secured by a broad pool of assets and carry first-priority claims on substantially all assets of the issuing entity and key subsidiaries, plus equity interests and selected holdings of Core Scientific. Several operating units will guarantee the debt, including facilities in Texas, Georgia, North Carolina and Oklahoma. The company also agreed to a completion guarantee to provide further funding if projects tied to those sites need additional capital to finish on schedule.

The planned raise follows a $1 billion credit facility the company secured in March with banks that include JPMorgan Chase and Morgan Stanley. That financing has been used to acquire land, secure energy contracts and retrofit former bitcoin mining sites for high-density colocation to support machine learning and large-scale data processing.

Core Scientific has indicated it expects to sell most of its bitcoin holdings during 2026 to help fund the expansion into data infrastructure.

Company filings state the offering would rank among the largest capital raises by a crypto-linked firm if completed. The placement will be offered privately to institutional investors and remains subject to market conditions and investor interest. The deal structure-asset-backed senior secured notes with operating-unit guarantees and a completion commitment-is designed to give lenders priority claims and some mitigation of project risk while providing capital for the company’s transition to AI-focused data center operations.