Core Scientific CEO: AI data center business expected to drive company value tenfold growth

In a recent TechFlow report, Adam Sullivan, CEO of the Bitcoin mining company $Core Scientific, stated in an interview with Bernstein analysts that the company is poised to achieve 'exponential growth' in the coming years through AI data center services. Sullivan noted, 'If we sign another 500MW or 1GW deal in the next few years, we will no longer be a $2.50 billion company but could potentially become a $25 to $30 billion company.'

After successfully emerging from bankruptcy proceedings in January, $Core Scientific inked a 12-year contract with the AI supercomputing company CoreWeave, with a potential total revenue of up to $3.50 billion. Currently, $Core Scientific has signed three contracts with CoreWeave for a total of 382MW of data center capacity, to convert existing Bitcoin mining facilities into GPU-ready data centers.

Bernstein currently rates $Core Scientific as 'outperforming the market,' with a target price of $17, 70% higher than the Monday closing price of $10.