Core Scientific said Tuesday that it intends to offer $3.3 billion in senior secured notes due 2031, a financing move aimed at supporting the company's fast-growing AI and high-performance computing data center business.

According to the company's press release, the net proceeds would first fund a debt service reserve account, with the balance distributed to Core Scientific to repay its outstanding delayed draw term loans under a previously announced 364-day credit facility. The company also said it will provide a completion guarantee for certain data center projects in Dalton, Georgia; Denton, Texas; Marble, North Carolina; and Muskogee, Oklahoma if note proceeds and other available funds are not enough to finish them on time.

The company stressed that the deal is still subject to market conditions, so the offering is not final yet. That distinction matters: this is a proposed financing, not completed funding.

Still, the size of the raise shows how capital-intensive the miner-to-AI transition has become. In February, Core Scientific and CoreWeave said their latest expansion brought CoreWeave's contracted infrastructure with Core Scientific to about 590 megawatts across six sites, with $10.2 billion in projected revenue over 12-year contract terms.

The conservative takeaway is that Core Scientific is no longer treating AI hosting as a side business. It is now trying to refinance and build around that thesis at multibillion-dollar scale.