Core Scientific is going public.
The blockchain infrastructure company announced that it will merge with a SPAC called Power & Digital Infrastructure Acquisition Corp., and go public on the NASDAQ at a $4.3 billion valuation.
Founded in 2017, Core Scientific builds infrastructure technology for bitcoin and other blockchain-related technology. It bills itself as the largest digital asset miner in North America. Revenue is projected at $493 million for 2021 and $1.1 billion for 2022. The company has around 100 employees and has raised $115 million to date, according to PitchBook. It runs 100% net carbon neutral operations.
Core Scientific was originally based in the Seattle region but relocated its headquarters to Austin, Texas, a spokesperson confirmed to GeekWire. It still has several employees in the Seattle area, including its chief financial officer and chief HR officer.
The company was previously led by former Microsoft COO Kevin Turner, who stepped down earlier this year. Turner is now an advisor to the company. Chairman Mike Levitt is now CEO.
“Very excited for Core Scientific to take the next step towards going public!” Turner wrote in a LinkedIn post today. “Tremendous team effort and I’m so proud of all we’ve built! Best is yet to come!”
Power & Digital Infrastructure Acquisition Corp., listed on NASDAQ under the ticker XPDI, is supported by global asset manager BlackRock. The combined company will be led by Levitt and is expected to generate $300 million in net cash proceeds to fund mining equipment purchases and infrastructure. The merger is expected to be completed in the fourth quarter.
“With our pending acquisition of Blockcap, we look forward to growing our self-mining digital asset business while continuing to deliver best-in-class reliability and performance to leading blockchain innovators,” Levitt said in a statement.
