> ## Content Index > Fetch the complete content index at: https://www.ceo.com/llms.txt > Use this file to discover other available public pages before exploring further. # Core Scientific CEO Adam Sullivan: The future of AI, data, and cryptocurrency - URL: https://www.ceo.com/episodes/core-scientific-ceo-adam-sullivan/ - Published: 2024-02-13T11:00:02.000Z - Updated: 2026-08-30T21:08:26.000Z - Description: Adam Sullivan advised Core Scientific as its banker, watched it go bankrupt, then took the CEO job four months into Chapter 11. - Author: Clint Betts # Practice at game speed Adam Sullivan joined Core Scientific in April 2023, four months into the company's Chapter 11 process. He knew what he was walking into. As a banker at [XMS Capital Partners](https://corescientific.com/about/leadership/?ref=ceo.com), where he led the digital assets and infrastructure practice and oversaw more than $5 billion in transactions, he had advised on the SPAC deal that took Core Scientific public in January 2022\. The company he helped bring to market lasted 11 months as a public company before it filed for bankruptcy. By August 2023, its board had [named him chief executive](https://investors.corescientific.com/news-events/press-releases/detail/61/core-scientific-inc-appoints-adam-sullivan-as-ceo-to-lead-the-companys-next-phase-of-growth?ref=ceo.com). Sullivan spoke with the CEO.com Podcast in the weeks after Core Scientific returned to the Nasdaq, and much of the conversation focused on how a company that big can fail that fast. Core Scientific was the largest Bitcoin miner in North America. It held more than $600 million in Bitcoin on its balance sheet when prices collapsed. The war in Ukraine drove up natural gas prices and compressed mining margins. Debt sat above $1 billion. "It became a leveraged free cash flow compression situation where we just didn't have the free cash flow to support our debt load," Sullivan said. His account of the bankruptcy itself is stranger than the standard war story. "It was a really great cleansing process for us as a company," he told the CEO.com Podcast. "Very few companies that have grown as aggressively as Core did have the opportunity to take a year and say, how do we improve our business as a whole?" The company spent that year improving efficiency at the facility level, reorganizing its teams, and cutting its debt load by about $400 million. The harder work was keeping people from checking out. Sullivan's method was to set goals past the point of comfort. "You can set these long-term goals of saying a year from now, we want to be at X. My perspective, you should set it at Z so that X is the worst-case scenario," he said. He borrowed the frame from Derek Jeter, who practiced at game speed so the games held no surprises, and he treated the restructuring as Core Scientific's preseason. "Let's practice at game speed and put in the right processes so that when we finally get back on the playing field, we're ready to play at game speed." Core Scientific relisted on the Nasdaq on January 24, 2024\. Sullivan rang the closing bell that Friday with his team. "It was the closing of one chapter and the opening of the next," he said. He also told the CEO.com Podcast, almost in passing, the line that explains everything that came after. Core Scientific, he said, is "a refining business that refines power into computing." Bitcoin was the application that built the infrastructure. It was not the only thing the infrastructure could do. The AI boom proved it. Core Scientific repositioned its gigawatt-scale footprint toward high-density colocation for AI compute, and in July 2025, CoreWeave, the AI cloud provider, agreed to acquire the company in an all-stock deal valued at roughly $9 billion. It was CoreWeave's second attempt after an all-cash offer in June 2024\. [The board recommended the sale](https://www.cnbc.com/2025/10/30/core-scientific-shareholders-reject-9-billion-coreweave-offer-deal-terminated.html?ref=ceo.com). In October 2025, shareholders voted it down, and Core Scientific [terminated the merger agreement](https://investors.corescientific.com/news-events/press-releases/detail/124/core-scientific-announces-termination-of-merger-agreement-with-coreweave?ref=ceo.com) the same day. The opposition was led by [Two Seas Capital](https://www.prnewswire.com/news-releases/two-seas-capital-core-scientifics-largest-active-shareholder-announces-intention-to-vote-against-the-proposed-sale-to-coreweave-302524612.html?ref=ceo.com), the company's largest active shareholder, which argued the sale materially undervalued a business that could stand on its own. The shareholders have a case. In its [second quarter 2026 results](https://investors.corescientific.com/news-events/press-releases/detail/139/core-scientific-announces-second-quarter-2026-results?ref=ceo.com), Core Scientific announced a partnership with AMD that could support up to 2.5 gigawatts of leasable capacity, anchored by 15-year agreements for about 530 megawatts across five sites and more than $14 billion in potential base contracted revenue. Total leased customer power capacity now stands at about 1.1 gigawatts, representing more than $24 billion in potential contracted revenue. [First quarter revenue](https://investors.corescientific.com/news-events/press-releases/detail/136/core-scientific-announces-first-quarter-fiscal-year-2026-results?ref=ceo.com) came in at $115.2 million, up from $79.5 million a year earlier, with colocation revenue growing from $8.6 million to $77.5 million. The company also closed a $3.3 billion senior secured notes offering. In 2022, a third of that debt load put it in bankruptcy court. Every CEO.com Podcast episode ends with the same question, because the chances one gives are just as important as the chances one takes. Sullivan's answer was Ted Brombach, a partner at XMS Capital who backed him in 2017 when he pitched a crypto investment banking practice to a traditional firm, then stayed with him when the industry cratered a year later. "He stuck with me through the course of 2018 when we went into a deep crypto winter, and it felt like the industry was falling apart," Sullivan said. "He really stuck by me, was a great mentor, still is an amazing mentor to me." ```chapters 00:00:00 Adam Sullivan's Path to CEO 00:02:19 Taking Core Scientific Public via SPAC 00:04:07 What Caused the Chapter 11 Bankruptcy 00:05:31 The Reorganization and Cleansing Process 00:09:31 Relisting on the Nasdaq 00:10:45 A Typical Day During Reorganization 00:12:25 How Bitcoin Mining Data Centers Work 00:13:47 The Future of Cryptocurrency 00:15:15 AI's Impact on Core Scientific 00:16:55 Leaders Adam Admires 00:18:19 Defining Core Scientific's Culture 00:20:43 Macroeconomics and the Election Year 00:22:19 The Mentor Who Took a Chance on Adam ``` ```vtt WEBVTT 00:00:07.600 --> 00:00:09.641 Adam,<00:00:07.859> thank<00:00:08.118> you<00:00:08.199> so<00:00:08.491> much<00:00:08.895> for<00:00:08.993> coming<00:00:09.300> on<00:00:09.381> the<00:00:09.462> show. 00:00:09.964 --> 00:00:10.645 It<00:00:10.045> means<00:00:10.353> a<00:00:10.434> lot. 00:00:10.758 --> 00:00:13.722 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