📣 Core Scientific Plans 10x Expansion Riding the AI Wave
posted 10 Sept 2024
Core Scientific, a mining company, is targeting a $25-30 billion valuation by offering high-performance capabilities for AI data centers, according to CEO Adam Sullivan, who highlighted the need to diversify their business.
Signing up another 500MW or 1GW of deals over the course of the next few years puts us in a position where we’re not a $2.5 billion company, we are potentially a $25 to $30 billion companySullivan stated.
At present, Core Scientific has three contracts with cloud provider CoreWeave, leasing them upgraded mining hardware. Sullivan pointed out that many competitors don’t offer infrastructure rentals with terms shorter than three years, a model Core Scientific adopted.
Sullivan took over the company in 2023 during its Chapter 11 bankruptcy restructuring following the crypto market downturn. Under his leadership, the company rebounded, signing a landmark 12-year agreement with AI hyperscaler CoreWeave, valued at approximately $3.5 billion.
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