Core Scientific and AMD announced an infrastructure partnership on 28 July, built on fifteen-year agreements executed the day before. The headline numbers: roughly 530 megawatts across five US sites and more than $14 billion of potential base contracted revenue, with capacity supporting AMD customer deployments from 2027 and room to scale to 2.5 gigawatts.
What is actually contracted
The 8-K is more specific than the press release. AMD directly leases 377 MW — Pecos, Texas (185 MW), Hunt County, Texas (110 MW) and Muskogee, Oklahoma (82 MW). The remaining 152 MW, at Dalton, Georgia (120 MW) and Auburn, Alabama (32 MW), goes to a separate cloud-provider lessee that will deploy AMD hardware. So 530 MW is the AMD ecosystem, not AMD's own reserved footprint. Leases run fifteen years with three five-year options.
The warrants
The part that makes this more than a lease: Core Scientific granted AMD warrants for up to 30 million shares at $23.47, vesting at 12,222 shares per megawatt of critical IT load, with about 6.5 million vested immediately and expiry on 27 July 2031. The tenant is paid, in equity, for filling the building.
Read 'potential' literally
Core Scientific says potential base contracted revenue, over fifteen years — not booked revenue and not annual. The 2.5 GW ceiling is likewise an option on a further 1,925 MW that AMD may never exercise. The deal lifts Core Scientific's total leased customer power to about 1.1 GW and more than $24 billion of potential contracted revenue.
The miner's second life
Core Scientific spent 2025 being acquired by CoreWeave in a $9 billion all-stock deal, until its own shareholders voted it down that October. Nine months later the company that stayed independent is landing AMD as an anchor tenant while its bitcoin mining operation winds down — and CoreWeave remains a colocation customer regardless.