Core Scientific sold $208 million of bitcoin in Q1 as AI pivot continues
The firm's AI pivot relies on a 590 MW contract expansion with CoreWeave, projected for $10.2 billion in revenue over 12 years.
AI Summary
Core Scientific reported a $347.2 million Q1 loss while shifting its business from bitcoin mining to AI data centers, selling $208.3 million in bitcoin and closing a $3.3 billion bond offering to fund the transition. Colocation revenue for AI data centers surged to $77.5 million, becoming the company's largest business line, while crypto mining revenue dropped to $30.1 million. The AI pivot centers on a 590 MW contract expansion with CoreWeave projected to generate $10.2 billion in revenue over 12 years.