TheBlock
Bernstein sizes Core Scientific's AMD partnership at $14 billion in revenue over 15 years, structured as a 377-megawatt direct lease to AMD and a 152-megawatt neocloud lease that AMD is supporting with credit.
Why it matters
The framework converts Core Scientific from a pure bitcoin-mining host into an AI-infrastructure landlord with a credit-backed counterparty. AMD's warrants to buy 30 million Core Scientific shares at $23.47 vest only if the partnership scales to its full 2.5-gigawatt potential, which means the equity kicker is gated on execution, not announced capacity.
Market impact
The $14B headline anchors a multi-year revenue path that reframes Core Scientific's earnings multiple against AI data-center peers rather than crypto miners. The vesting condition is the part bulls and bears will argue over: full 2.5GW converts the warrants into a meaningful AMD stake and signals continued build-out, while any stall resets Core Scientific to a more conventional mining-host story.
Frequently asked questions
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What is the size of Core Scientific's AMD partnership per Bernstein?
Bernstein estimates $14 billion in revenue over 15 years, split between a 377MW direct lease to AMD and a 152MW neocloud lease that AMD is backstopping with credit support.
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How do AMD's warrants in Core Scientific work?
AMD holds warrants to buy 30 million Core Scientific shares at $23.47 per share. The warrants only vest if the partnership scales to its full 2.5-gigawatt potential.
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Why does this deal matter for Core Scientific's business model?
It repositions Core Scientific from a pure bitcoin-mining host into an AI-infrastructure landlord with a credit-backed counterparty, supporting a multi-year revenue path.
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What is the neocloud portion of the AMD deal?
A 152MW neocloud lease that AMD is backing with credit support, running alongside the larger 377MW direct lease to AMD.
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What is the main risk to the bullish thesis on this partnership?
The warrants vest only at the full 2.5GW scale, so any stall in build-out resets Core Scientific to a more conventional mining-host story and caps the equity upside.
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