Core Scientific signs 15-year 529 MW AI leasing deal with

Core Scientific signed a 15-year AI infrastructure partnership with AMD anchored by 529 MW of U.S. data-center capacity that the company said could generate more than $14 billion in base contracted revenue. The agreement also gives AMD conditional rights to reserve up to an additional 1,925 MW through Dec. 28, 2028, potentially taking the relationship to roughly 2.5 GW.

Key Takeaways

Core Scientific’s new 15-year leases with AMD cover 529 MW of U.S. AI capacity and are framed as more than $14 billion in base contracted revenue.
AMD holds conditional reservation rights for an additional 1,925 MW through Dec. 28, 2028, which could expand total capacity tied to the partnership to about 2.5 GW.
Warrants for up to 30 million Core Scientific shares were issued to AMD at a $23.47 exercise price, with roughly 6.5 million vesting at signing and more tied to future contracted capacity.
Core Scientific terminated its Block ASIC procurement agreement and recorded a $41.9 million charge tied to a 2024 deal that referenced roughly 15 EH/s of expected hashrate.

AMD Locks In 529 MW on 15-Year Terms, With a Path to ~2.5 GW

Core Scientific announced a long-duration AI infrastructure partnership with Advanced Micro Devices anchored by 15-year leases for 529 megawatts of U.S. capacity. The company said the initial leases could generate more than $14 billion in base contracted revenue, with capacity expected to support AMD customer deployments beginning in 2027.

The headline expansion number is larger than the signed leases. Under the agreements, AMD has conditional rights to reserve another 1,925 MW through Dec. 28, 2028, which would take the partnership to roughly 2.5 gigawatts if those reservations convert into contracted capacity.

Core Scientific also said the AMD-related agreements lift its total leased customer capacity to roughly 1.1 GW, representing more than $24 billion in potential contracted revenue. For equity traders, that is the core shift: longer-dated contracted cash flow replacing a business historically priced off bitcoin mining cyclicality.

Where the Megawatts Sit: Texas, Oklahoma, Alabama and Georgia

The initial 529 MW is split across multiple sites and counterparties. AMD directly leased 377 MW across Core Scientific facilities in Pecos and Hunt County, Texas, and Muskogee, Oklahoma.

Another 152 MW is leased by an unnamed cloud provider in Auburn, Alabama, and Dalton, Georgia, under agreements supported by AMD. The identity of that cloud provider was not disclosed in the packet, leaving a key detail open for anyone modeling concentration risk and potential follow-on demand.

Core Scientific and AMD said they will collaborate on data-center design and deployment of AMD Instinct GPUs, EPYC processors, and ROCm software. The practical implication is that Core Scientific is selling powered shells and operations at scale, while AMD’s stack becomes part of the standardized deployment.

AMD received warrants to purchase up to 30 million Core Scientific shares at an exercise price of $23.47 per share. About 6.5 million warrants vested when the initial leases were signed, and additional warrants vest as more capacity is contracted.

That vesting structure matters because it ties AMD’s equity upside to Core Scientific’s ability to actually convert the conditional pipeline into signed megawatts. It also creates discrete, trackable events for equity markets as contracting milestones are hit.

Signals Traders Can Track Into 2027–2028

The first variable is the fine print around the 1,925 MW reservation right. The packet does not specify the conditions, milestones, or pricing that govern whether reserved capacity becomes contracted capacity by Dec. 28, 2028.

Execution will show up in billed megawatts. Core Scientific said it was billing customers for 437 MW as of mid-July 2026, equivalent to about $635 million in annualized colocation revenue. Any step-up in that billed MW figure as AMD-related deployments ramp will be the cleanest confirmation that the 2027 start date is translating into revenue.

Warrant vesting is another scoreboard. Beyond the roughly 6.5 million already vested, additional vesting is explicitly tied to contracting more capacity, up to the 30 million-share cap.

Finally, the 152 MW leased by the unnamed cloud provider is a swing factor. Any disclosure on that counterparty or an expansion of that block would clarify whether AMD is pulling in an ecosystem of downstream tenants.

This Is a Revenue-Visibility Trade, Not a Bitcoin Beta Story

I see this as Core Scientific leaning into the one thing public markets will pay for in the miner-to-AI pivot: long-duration, contracted megawatts. Management is explicitly framing 529 MW as more than $14 billion of base contracted revenue, and it says total leased customer capacity is now about 1.1 GW tied to more than $24 billion in potential contracted revenue. That is a different underwriting framework than hashrate and bitcoin price.

The threshold that matters is whether the conditional 1,925 MW reservation right turns into signed capacity on a timeline that shows up in billed MW and warrant vesting. If that conversion holds, the setup starts to look structural rather than narrative-driven, and the Block ASIC termination and $41.9 million charge reads less like a one-off and more like a deliberate exit from scaling mining exposure in favor of contracted AI cash flows.

Sources

CoinDesk