According to TechFlow, Adam Sullivan, CEO of Bitcoin mining company Core Scientific, said in an interview with Bernstein analysts that the company is expected to achieve "exponential growth" in the next few years through AI data center services. Sullivan pointed out that "if we sign another 500MW or 1GW deal in the next few years, we will no longer be a $2.5 billion company, but may become a $25 billion to $30 billion company."
After successfully exiting bankruptcy proceedings in January this year, Core Scientific signed a 12-year contract with AI supercomputing company CoreWeave with a potential total revenue of up to $3.5 billion. Currently, Core Scientific has signed three contracts with CoreWeave, totaling 382MW of data center capacity, to convert existing Bitcoin mining facilities into GPU-ready data centers.
Bernstein currently has an "outperform" rating on Core Scientific with a $17 price target, which represents 70% upside from Monday's closing price of $10.