Mining firm Core Scientific plans to achieve a valuation of 25 to 30 billion US dollars with a new AI data center contract.

$Core Scientific CEO Sullivan stated in an interview with analysts that Bitcoin miners could achieve 'exponential' growth in the coming years through its artificial intelligence data center services. However, this depends on the company's ability to prove its capability to deliver gigawatt-level AI data centers to customers beyond its initial client, CoreWeave. Sullivan mentioned, 'Signing contracts for another 500MW or 1GW in the coming years would transform us from a $2.50 billion company to a potential $25 billion to $30 billion company.' Sullivan, a former investment banker, joined the company in April 2023, just four months after it emerged from Chapter 11 bankruptcy proceedings when Bitcoin prices plummeted during the bear market of 2022, and energy prices surged. However, after successfully emerging from bankruptcy in January this year, $Core Scientific inked a 12-year deal with AI Hyperscaler CoreWeave, with total revenue potential of up to $3.50 billion. Sullivan mentioned that $Core Scientific previously collaborated with CoreWeave for Ethereum GPU mining, transitioned to proof of stake consensus mechanism, and reinitiated discussions on the conversion possibilities with the company by the end of 2023. (The Block)