Core Scientific Signs Major AMD AI Infrastructure Deal, Continues Bitcoin Mining Exit

Core Scientific has announced a 15-year infrastructure partnership with AMD covering 529 megawatts of U.S. AI capacity, a deal the company says could generate more than $14 billion in base contracted revenue, marking another step in its shift away from bitcoin mining.

Deal Structure and Scale

The agreements are expected to support AMD customer deployments starting in 2027 and give AMD the option to reserve an additional 1,925 megawatts through December 2028, potentially expanding the total partnership to around 2.5 gigawatts. AMD directly leased capacity across Texas and Oklahoma sites, while an unnamed cloud provider leased additional capacity in Alabama and Georgia under AMD-backed agreements. The companies plan to collaborate on data center design and deployment of AMD’s chips and software.

Financial Incentives for AMD

As part of the deal, AMD received warrants to purchase up to 30 million Core Scientific shares at $23.47 each, with a portion vesting immediately and the rest tied to additional contracted capacity.

Accelerating Shift Away From Mining

The partnership pushes Core Scientific’s total leased customer capacity to roughly 1.1 gigawatts, representing over $24 billion in potential revenue. Colocation services now account for the vast majority of the company’s quarterly revenue, while self-mining revenue has fallen sharply. Core Scientific also terminated a prior agreement to purchase bitcoin-mining chips from Block, taking a related financial charge.

Core Scientific shares drop 15% in pre-market trading, while AMD shares slipped amid a broader selloff in chip stocks.