CoinDesk
Core Scientific (CORZ) signed a 15-year infrastructure partnership with AMD covering 529 megawatts of US data center capacity, with base contracted revenue the company sized at more than $14 billion. AMD directly leased 377 MW across Core Scientific sites in Pecos and Hunt County, Texas, and Muskogee, Oklahoma, while an unnamed cloud provider leased another 152 MW in Auburn, Alabama, and Dalton, Georgia, under agreements supported by AMD. The deployments, which will run AMD Instinct GPUs, EPYC processors and ROCm software, are scheduled to come online for AMD customers beginning in 2027.
The deal also gives AMD the right to reserve an additional 1,925 MW through December 2028, lifting the potential footprint to roughly 2.5 gigawatts. AMD received warrants for up to 30 million Core Scientific shares at $23.47, with about 6.5 million vesting on signing and more tied to incremental capacity. Core Scientific said the agreements raise its leased customer capacity to about 1.1 GW, representing more than $24 billion in potential contracted revenue versus the 437 MW it was billing as of mid-July.
Why it matters
The pivot is structural, not cosmetic. Colocation already generated $136.7 million, or 83% of Core Scientific's $164.2 million in second-quarter revenue, while self-mining revenue fell 66% to $21.5 million. The company also terminated its agreement to buy Block's bitcoin-mining chips and took a $41.9 million charge. The 2024 Block deal covered 3-nanometer ASICs representing roughly 15 EH/s of hashrate, and dropping it ends Core Scientific's last big mining-capex commitment. Bitcoin mining is now a runoff line, not a growth one.
Market impact
The AMD warrants and lease structure lock Core Scientific into a hyperscaler-style AI buildout, where revenue visibility is measured in gigawatts and contract length, not hashprice. Core Scientific held 848 BTC worth $49.7 million on June 30, up from 547 BTC three months earlier, and sold 2,385 BTC for $208.2 million in the first quarter, evidence that the treasury is being actively monetized to fund the transition.
Frequently asked questions
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What did Core Scientific announce with AMD?
A 15-year infrastructure partnership covering 529 MW of US data center capacity, which Core Scientific said could generate more than $14 billion in base contracted revenue, plus AMD rights to reserve an additional 1,925 MW through December 2028.
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Where will the AMD AI capacity be located?
AMD directly leased 377 MW across Core Scientific sites in Pecos and Hunt County, Texas, and Muskogee, Oklahoma. An unnamed cloud provider leased another 152 MW in Auburn, Alabama, and Dalton, Georgia, under agreements supported by AMD.
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When will the AMD deployments go live?
The capacity is expected to support AMD customer deployments beginning in 2027, running AMD Instinct GPUs, EPYC processors and ROCm software.
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What did Core Scientific do with its bitcoin mining business?
Self-mining revenue fell 66% to $21.5M in Q2 while colocation drove 83% of revenue. Core Scientific terminated its agreement to buy Block's 3nm bitcoin-mining chips (covering ~15 EH/s of hashrate) and recorded a $41.9M charge.
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How is the market reacting to the AMD deal?
CORZ shares were up 5.6% in pre-market trading. AMD was lower by 4% as chip stocks continued a broader selloff, a split that reads as Core Scientific being paid to take on AMD capacity risk rather than the reverse.
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