TechFlow reported that Adam Sullivan, CEO of bitcoin mining company Core Scientific, said in an interview with Bernstein analysts that the company is poised for "exponential growth" over the next few years through AI data center services. Sullivan noted, "If we sign another 500MW or 1GW of deals in the coming years, we won't be a $2.5 billion company anymore—we could become a $25 to $30 billion company."
After successfully emerging from bankruptcy in January, Core Scientific signed a 12-year agreement with AI supercomputing firm CoreWeave, potentially generating up to $3.5 billion in revenue. To date, Core Scientific has entered into three agreements with CoreWeave totaling 382MW of data center capacity, converting existing bitcoin mining facilities into GPU-ready data centers.
Bernstein currently rates Core Scientific as "Outperform," with a price target of $17, representing a 70% increase from Monday's closing price of $10.
