Core Scientific, once known primarily as a Bitcoin mining operator, signed a 15-year infrastructure partnership with AMD covering roughly 529 megawatts of US data center capacity across five sites, in a deal worth more than $14 billion in potential base contracted revenue.
The Deal Structure
AMD will directly lease 377 MW across three Texas and Oklahoma sites, with a separate 152 MW tranche in Alabama and Georgia leased by an unnamed cloud provider under AMD-backed credit support.
Beyond the initial commitment, AMD secured exclusive reservation rights on up to 1,925 additional megawatts through December 2028, meaning the partnership could expand to roughly 2.5 gigawatts if fully exercised. AMD also received warrants to purchase up to 30 million Core Scientific shares at $23.47 each, with about 6.5 million vesting immediately. The companies will jointly work on data center design and deployment of AMD’s Instinct GPUs, EPYC processors, and ROCm software.
A Company in Transition
The deal landed alongside Core Scientific’s Q2 earnings, which underline just how completely the company has pivoted: colocation revenue (leasing data center capacity for AI workloads) surged to $136.7 million from just $10.6 million a year earlier and now makes up 83% of total revenue, while Bitcoin self-mining revenue fell 66% and the company disclosed it had terminated a mining-chip purchase agreement entirely.
Core Scientific shares jumped as much as 11% on the news even as the broader AI infrastructure trade sold off that day on financing concerns elsewhere, a sign investors read this specifically as a strong, company-level result rather than sector momentum.
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