According to BlockBeats, on September 10, Core Scientific CEO Sullivan stated in an interview with analysts that Bitcoin miners could achieve exponential growth in the coming years through the company's AI data center services.
However, this growth depends on the company's ability to demonstrate its capacity to deliver gigawatt-level AI data centers to clients beyond its initial customer, CoreWeave. Sullivan remarked, 'Securing additional contracts of 500MW or 1GW in the coming years could transform us from a $2.5 billion company to one valued between $25 billion and $30 billion.' Sullivan, a former investment banker, joined the company in April 2023, during the Chapter 11 bankruptcy proceedings, which began four months earlier following a significant drop in Bitcoin prices during the 2022 bear market and a surge in energy costs.
After successfully emerging from bankruptcy in January this year, Core Scientific signed a 12-year agreement with AI Hyperscaler CoreWeave, potentially generating up to $3.5 billion in total revenue. Sullivan noted that Core Scientific had previously collaborated with CoreWeave on Ethereum GPU mining before transitioning to a proof-of-stake consensus mechanism. The companies resumed discussions about potential conversions towards the end of 2023.
