Core Scientific secures $14 billion AMD data-centre deal following CoreWeave rejection
The agreement grants Advanced Micro Devices access to 530 megawatts of capacity across five sites, marking a significant pivot for the former bitcoin miner.
Core Scientific has entered into a major infrastructure partnership with Advanced Micro Devices, granting the chipmaker’s ecosystem access to more than 500 megawatts of U.S. data-centre capacity starting in 2027. The agreement, announced on 28 July, includes 15-year contracts covering approximately 530 megawatts across five sites, generating over $14 billion in potential base contracted revenue. The deal can expand to 2.5 gigawatts if reservation rights are converted into leases.
Under the terms of the arrangement, AMD directly leased 377 megawatts of capacity across sites in Pecos, Muskogee, and Hunt County. An unnamed neocloud provider leased an additional 152 megawatts under agreements that provide AMD with equipment protections and rights in the event of customer default. Core Scientific shares rallied in premarket trading following the announcement.
The partnership follows a pivotal corporate event in July 2025, when Core Scientific shareholders rejected a $9 billion all-stock acquisition offer from CoreWeave. The rejection was driven by concerns over the fixed exchange ratio and the company’s reliance on a single tenant, which had previously generated 77% of first-half revenue. The new AMD deal is viewed as validation of the company’s ability to attract major technology partners beyond its existing customer base.
This agreement marks a strategic shift for Core Scientific, which is transitioning away from bitcoin mining. Colocation generated $136.7 million of the company’s $164.2 million in second-quarter revenue. The new leases almost double total leased customer power capacity to approximately 1.1 gigawatts, representing more than $24 billion of potential contracted revenue when combined with existing relationships.
However, the deal introduces significant execution and financial risks. Core Scientific carried approximately $4.4 billion in borrowings at the end of June and faces substantial construction commitments. The company also issued warrants allowing AMD to purchase up to 30 million shares, creating potential dilution for existing shareholders. While the partnership proves Core Scientific’s appeal to third-party customers, the ultimate value for investors remains contingent on successful project delivery and financing.
