According to BlockBeats, on September 10, Core Scientific CEO Sullivan said in an interview with analysts that Bitcoin miners can achieve “exponential” growth through its artificial intelligence data center services in the next few years.
However, that depends on whether the company can prove its ability to deliver gigawatt-scale AI data centers to customers beyond its initial customer CoreWeave. “Signing another 500MW or 1GW of contract deals over the next few years would take us from being a $2.5 billion company to potentially being a $25 billion to $30 billion company,” Sullivan, a former investment banker, said. Sullivan joined the company in April 2023, four months into its Chapter 11 bankruptcy process, after bitcoin prices plunged in the 2022 bear market, when energy prices soared.
However, after successfully emerging from bankruptcy in January, Core Scientific signed a 12-year agreement with AI hyperscaler CoreWeave, with total revenue that could reach $3.5 billion. Sullivan said Core Scientific had previously worked with CoreWeave on Ethereum GPU mining before switching to the proof-of-stake consensus mechanism and reopened conversations with the company about the possibility of a switch in late 2023.
