Core Scientific Seeks $3.3B for U.S. AI Data Center Buildout

Core Scientific filed to raise $3.3 billion through senior secured notes due 2031 to expand U.S. data centers for high-performance computing and artificial intelligence workloads and to refinance short-term debt. Planned projects include sites in Georgia, Texas, North Carolina and Oklahoma.

The offering would be secured by the company’s assets, giving noteholders priority claims in the event of default. Proceeds are earmarked for construction, equipment and repayment of borrowings under a 364-day credit facility, effectively extending near-term maturities. In March, Core Scientific secured a separate $1 billion credit agreement with Morgan Stanley.

Core Scientific has shifted part of its operations from traditional bitcoin mining to hosting HPC and AI services inside its facilities. Peers including Marathon Digital Holdings, Riot Platforms and Hut 8 have invested in infrastructure and partnerships to diversify revenue streams.

Shares were little changed in early trading, extending a year-to-date gain of more than 37 percent.

Industry participants are using partnerships and renewable energy to support compute-heavy workloads. Soluna Holdings expanded an agreement with Blockware to add 3.3 megawatts at a West Texas colocation facility and invested about $53 million in a wind farm to back operations.

High-performance computing and AI workloads require dense, specialized infrastructure and steady power. Firms entering the market face upfront capital needs for land, power hookups, cooling systems and networking. Issuing senior secured debt is a common way to fund such capital-intensive builds while preserving existing equity.