Core Scientific lands 2.5GW AI infrastructure deal with AMD months after rejecting $9B CoreWeave bid

Core Scientific pivots to AMD with 2.5GW AI data-centre pact months after CoreWeave deal collapsed

The former bitcoin miner has handed AMD a stretch of the American South to run its chips, less than a year after its own shareholders rejected a $9bn takeover. Nine months after its own shareholders torpedoed a roughly $9bn takeover by CoreWeave, Core Scientific has found a far larger partner in the chipmaker trying to loosen Nvidia's grip on artificial intelligence. On Tuesday the former bitcoin miner said it had signed a data-centre agreement with AMD that could eventually reach 2.5 gigawatts of capacity across the American South, and investors treated it as vindication for the deal it had walked away from. At the core of the arrangement is a set of long-term leases covering 529 megawatts of critical IT capacity, of which AMD has taken 377MW directly while a group of unnamed neocloud operators account for the remaining 152MW. The sites sit in Pecos and Hunt County in Texas, Muskogee in Oklahoma, Auburn in Alabama, and Dalton in Georgia, and the leases run for 15 years with three five-year renewal options, so the relationship could stretch across three decades. Revenue is expected to start flowing in 2027. What turns a sizeable colocation deal into a landmark one, at least as both companies framed it, is the option and equity bolted onto it. AMD has reserved the right to call on up to 1,925MW of further capacity through December 2028, which is how the partnership arrives at its headline 2.5GW, and it receives a warrant for up to 30 million Core Scientific shares at $23.47 apiece, vesting at 12,222 shares for every megawatt it brings online. About 6.5 million of those shares vested the moment the leases were signed. It is much the same equity-for-capacity structure Nvidia used when it took a $2.1bn warrant in IREN, and it ties a chipmaker's upside to the fortunes of the landlord housing its silicon. Neither side put a dollar value on the commitment, and much of the framing came from Core Scientific, which said the new contracts lift its leased footprint to roughly 1.1GW and push its contracted revenue past $24bn. Those are company figures rather than independently audited ones, so they read as a direction of travel more than a booked result. The chips, at least, are not in doubt, since the capacity will run AMD's Instinct GPUs, EPYC processors, and ROCm software. For AMD the appeal is guaranteed real estate at a moment when it is straining to be taken seriously against Nvidia in both training and inference. The company has spent the past two years buying and partnering its way toward that credibility, whether by acquiring Silo AI or by promising Anthropic up to two gigawatts of its newest accelerators, and locking in power ahead of demand removes one of the harder bottlenecks. For Core Scientific, the deal caps a strange and quietly triumphant year. The company spent much of 2025 as CoreWeave's target, after the GPU cloud offered roughly $9bn in an all-stock deal to fold the miner's power-hungry sites into its own. Core Scientific's investors were unconvinced the price captured the value of that land and power, and on October 30 they voted it down, forcing the company to terminate the merger. The two are not fully estranged, though, since Core Scientific still hosts CoreWeave's GPUs under a separate deal worth several hundred megawatts. The pivot from crypto mining to AI infrastructure is one the whole sector is making, and Nscale's rapid rise along the same crypto-to-neocloud path shows how richly the market has rewarded it. One wrinkle is worth watching, because 152MW of the new capacity goes to neocloud operators rather than to AMD directly, and the chipmaker has agreed to provide credit support should one of those tenants default. AMD, in other words, is partly backstopping the smaller clouds that will run its hardware, a measure of how far it will now go to seed an ecosystem around its chips. Core Scientific shares jumped as much as 10% on the news, even as AMD slipped more than 5%. The company that could not persuade its owners to sell for $9bn is now, on paper, worth rather more on its own.

AMD secures up to 2.5 GW of AI data center capacity from Core Scientific

The deal gives AMD access to more than 500 megawatts of U.S. capacity beginning in 2027, with the option to expand to 2.5 gigawatts AMD $AMD and Core Scientific announced a partnership on Tuesday under which AMD will secure up to 2.5 gigawatts of data center capacity to support customer deployments of AMD AI products. The agreement gives AMD access to more than 500 megawatts of U.S. infrastructure beginning in 2027, with the ability to expand to 2.5 gigawatts, the companies said. Under the deal, Core Scientific and AMD will collaborate on physical infrastructure design and the deployment of AMD Instinct GPUs, EPYC CPUs, and ROCm software. The first phase involves 529 megawatts of U.S. AI capacity committed under 15-year leases, with the company projecting base contracted revenue exceeding $14 billion, according to CoinDesk. AMD itself took on 377 megawatts at Core Scientific facilities in Pecos, Hunt County, Texas, and Muskogee, Oklahoma. A cloud provider whose name was not disclosed signed agreements backed by AMD for 152 megawatts at locations in Auburn, Alabama, and Dalton, Georgia. AMD also received warrants to purchase Core Scientific common stock, subject to certain commercial conditions, the companies said. AMD received warrants to purchase up to 30 million Core Scientific shares at $23.47 per share, with about 6.5 million vesting when the initial leases were signed. "Core Scientific's extensive portfolio of AI-ready data centers expands access to the infrastructure our customers need to deploy AMD AI solutions at scale," said Mathew Hein, senior vice president and chief strategy officer of corporate development at AMD, in a statement. "Our proven execution capabilities and ability to deliver high-density infrastructure at scale position us to support AMD's technology roadmap and grow our relationship meaningfully over time," said Adam Sullivan, chief executive officer of Core Scientific, in a statement. Core Scientific stock jumped about 6% in premarket trading on Tuesday, while AMD stock was down about 4%. The deal accelerates Core Scientific's shift away from bitcoin mining toward AI data center hosting. In the second quarter, colocation brought in $136.7 million -- representing 83% of Core Scientific's $164.2 million in total revenue -- while its self-mining business saw revenue drop 66% to $21.5 million, according to CoinDesk. Separately, Core Scientific unwound its contract with Block $SQ for bitcoin-mining chips, a move that resulted in a $41.9 million charge. The AMD partnership adds to a string of recent infrastructure commitments for the chipmaker. AMD announced a partnership with Anthropic to deploy up to 2 gigawatts of Instinct MI450 Series GPUs in Helios rack-scale systems, and expanded a partnership with Microsoft $MSFT to deploy its Helios rack-scale AI system on Azure.

Core Scientific Q2 Revenue Jumps as AI Business Grows

Core Scientific reported strong second-quarter revenue growth as AI colocation became its largest business, though a non-cash accounting charge resulted in a $1.15 billion net loss. Digital infrastructure company Core Scientific more than doubled its second-quarter revenue as rapid growth in its artificial intelligence and high-performance computing (HPC) colocation business continued to reshape its earnings profile following its pivot beyond Bitcoin mining. The company reported Tuesday that Q2 revenue increased to $164.2 million, up from $78.6 million a year earlier. Colocation revenue accounted for $136.7 million of the total, compared with just $10.6 million in the same period last year, while gross profit increased to $70 million from $5 million. Despite the revenue surge, Core Scientific reported a net loss of $1.15 billion, driven primarily by a non-cash accounting charge related to the rising value of outstanding warrants as its share price increased. The results underscore how several Bitcoin mining companies have diversified into AI and HPC infrastructure, seeking more stable, long-term revenue streams as demand for data center capacity surges. Once one of the world's largest publicly traded Bitcoin miners, Core Scientific now generates the bulk of its revenue from colocation services while maintaining a comparatively modest Bitcoin treasury of fewer than 1,000 BTC, according to industry data. Core Scientific shares fell more than 4% following the earnings release, trimming its year-to-date gains. Core Scientific (CORZ) stock is up 36% this year. Source: Yahoo Finance AMD partnership expands AI footprint Alongside its earnings, Core Scientific announced a partnership with Advanced Micro Devices (AMD), the semiconductor company that designs CPUs and AI-focused graphics processors competing with Intel (INTC) and Nvidia (NVDA). The agreement could ultimately support up to 2.5 gigawatts of leasable data center capacity. It is initially anchored by 15-year agreements covering 530 megawatts across several US sites beginning in 2027, with the potential to expand over time. Core Scientific said the broader partnership has the potential to generate more than $14 billion in contracted base revenue, while its total leased customer power capacity now stands at roughly 1.1 GW, representing more than $24 billion in potential contracted revenue. Earlier this month, IREN disclosed $2.8 billion in cloud contracts with AI developers, while Hut 8 unveiled a $9.8 billion lease agreement with an unnamed customer for capacity at its AI data campus.

Core Scientific's AI Pivot Gets AMD Backing - Advanced Micro Devices (NASDAQ:AMD), Core Scientific (NASDA

Core Scientific Isn't Just a Bitcoin Miner Anymore. AMD Just Confirmed Its AI Pivot. Instead of generating most of its revenue from mining Bitcoin, the company is rapidly becoming an AI infrastructure provider that leases power-hungry data center capacity to hyperscale computing customers. The AMD agreement may be the strongest validation yet that the transition is well underway. AMD Validates the AI Strategy Those numbers illustrate how dramatically Core Scientific's business has evolved. Rather than selling mined Bitcoin into a volatile commodity market, the company is increasingly locking in long-duration infrastructure contracts tied to AI workloads. The Financials Show the Transformation The transformation is already showing up in the income statement. Second-quarter colocation revenue surged to $136.7 million, compared with just $10.6 million a year earlier. At the same time, digital asset self-mining revenue fell to $21.5 million, reflecting the company's continued shift away from operating as a traditional Bitcoin miner. Perhaps most striking, colocation gross margin expanded to 59% from 11% a year ago, highlighting the profitability of its AI-focused infrastructure business. Overall, Core Scientific generated $164.2 million in quarterly revenue, while adjusted EBITDA climbed to $41.1 million. As of mid-July, the company was billing customers for 437 megawatts of capacity, representing approximately $635 million in annualized colocation revenue. The Chart Says the Market Wants More The AMD partnership may reinforce Core Scientific's transformation, but the stock chart suggests investors are still waiting for execution before fully repricing the business. Chart created using Benzinga Pro Even after rising in premarket trading following the announcement, shares remain below both the 20-day moving average of $22.72 and the more closely watched 50-day moving average of $25.24. Meanwhile, the stock continues to hold above its 200-day moving average of $19.71, indicating that the longer-term uptrend remains intact despite recent weakness. That technical setup mirrors the broader investment debate. Core Scientific has largely convinced investors it is no longer just a Bitcoin miner -- the financials increasingly reflect an AI infrastructure company -- but Wall Street still wants proof that billions of dollars in contracted capacity can translate into sustained revenue growth and profitable execution. If management delivers on that roadmap, AMD's partnership may ultimately be remembered not as the reason Core Scientific changed, but as the moment the market realized the transformation was already underway. Image via Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

AMD's Core Scientific deal is bigger than the headline number

Nine months ago, Core Scientific shareholders turned down real money. They rejected a $9 billion buyout offer from CoreWeave, according to CNBC. Shareholders bet the company was worth more standing alone. On Tuesday, that bet started to look prescient. AMD agreed to lease more than 500 megawatts of Core Scientific's U.S. data center capacity, according to a press release from the companies. The stock market did not treat the news as a simple win for either side. The deal turns Core Scientific into AMD's landlord The agreement covers 529 megawatts across five sites in Texas, Oklahoma, Alabama and Georgia, according to the press release. AMD directly leased about 377 of those megawatts, according to the company's filing. An undisclosed cloud provider backed by AMD's credit leased the rest. The leases could generate more than $14 billion in base contracted revenue over 15 years, Core Scientific said in its earnings release. AMD also secured the right to reserve up to 1,925 additional megawatts through December 2028, according to an SEC filing. That option could grow the partnership to 2.5 gigawatts, the companies said. AMD did not just rent space. It also received warrants for up to 30 million Core Scientific shares at $23.47 each, the SEC filing shows. About 6.5 million of those shares vested immediately once the leases were signed, according to the filing. AMD framed the deal as a race for physical capacity, not just chip orders. "Core Scientific's extensive portfolio of AI-ready data centers expands access to infrastructure," AMD's Mathew Hein said in the release. Without guaranteed power and space, even the best chip cannot ship to customers on schedule. I-HWA CHENG / Getty Images The market did not buy the good news at face value Core Scientific (CORZ) shares jumped as much as 11% in premarket trading, while AMD fell nearly 5%. That split might look like investors simply picking a winner. The broader context complicates that read. Asian chip stocks were already sliding Tuesday on worries about AI infrastructure financing and Chinese competition, Reuters reported. The selloff had already reached Wall Street. Nvidia had fallen 5% a day earlier after the Wall Street Journal reported it was negotiating to fund a $250 billion data center project. Core Scientific's rally still stood out. Its stock kept climbing even as the broader AI trade sold off, a sign investors read the AMD deal as company-specific news rather than sector momentum. Even after the pop, Core Scientific shares stayed consistently below their 50-day moving average, though they briefly broke above their 20-day moving average in mid-July before falling back under it. That gap suggests some investors want to see the leases turn into finished buildings and billed revenue before they fully reprice the stock. The rejected CoreWeave buyout looks smarter by the quarter Core Scientific's turnaround explains why shareholders said no. Colocation revenue reached $136.7 million last quarter, or 83% of total revenue, according to the company's earnings release. That business barely existed when the company was still primarily a bitcoin miner. Core Scientific is also closing the door on its old identity. It terminated a 2024 agreement to buy bitcoin-mining chips from Block, taking a $41.9 million charge. Self-mining revenue fell 66% from a year earlier, the earnings release shows. Instead of selling itself to one AI company, Core Scientific is now leasing power to several. CoreWeave remains its largest customer, and AMD is now its newest. That diversification is the exact argument shareholders made when they voted down CoreWeave's offer. Power and land are becoming AI's real competitive edge AMD's Core Scientific deal is not an isolated move. The chipmaker also agreed to deploy up to 2 gigawatts of AI hardware for Anthropic and expanded a partnership with Microsoft to run its chips on Azure, according to Quartz. Raw chip performance is no longer the only race that matters. Every major AI chip company now needs guaranteed power and physical space to deploy its hardware at scale, not just faster silicon. That shift is starting to worry credit markets, not just stock traders. Credit-default swaps tied to major AI infrastructure spenders have hit record highs in recent days. That is the backdrop against which every new AI infrastructure deal now gets priced. The question for investors is no longer whether Core Scientific made the right call by staying independent. That case is closing. Investors do have a concrete signpost to watch. If AMD exercises its option on the additional 1,925 megawatts before the 2028 deadline, that will confirm real customer demand behind the buildout, not just contracted capacity sitting on paper. The bigger question is whether the industry's scramble for power and land can keep outrunning the debt being piled up to fund it. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc. This story was originally published July 29, 2026 at 12:13 PM.

Core Scientific and AMD Announces Infrastructure Partnership

Core Scientific, Inc. and Advanced Micro Devices, Inc. announced a partnership to shape the future of AI infrastructure, with Advanced Micro Devices, Inc. to secure up to 2.5 gigawatts of data center capacity to support end customer deployments of Advanced Micro Devices, Inc. AI solutions. As part of the agreement, Core Scientific, Inc. and Advanced Micro Devices, Inc. will collaborate on physical infrastructure design and the deployment of Advanced Micro Devices, Inc. Instinct GPUs, EPYC CPUs, and ROCm software. The agreement expands capacity for the Advanced Micro Devices, Inc. ecosystem with more than 500 megawatts of U.S. infrastructure beginning in 2027, with the opportunity to scale up to 2.5 gigawatts. By expanding access to Core Scientific, Inc.'s AI-ready infrastructure, Advanced Micro Devices, Inc. is enabling end customers to deploy AI faster and at greater scale. As part of the agreement, Advanced Micro Devices, Inc. will also receive market-priced warrants to purchase Core Scientific, Inc.'s common stock, subject to certain commercial conditions.

AMD Lines Up Data Center Capacity in Infrastructure Partnership With Core Scientific

AMD has secured up to 2.5 gigawatts of data center capacity to customer deployments of its artificial intelligence solutions as part of an infrastructure partnership with Core Scientific. The companies said Tuesday they will collaborate on physical infrastructure design and the deployment of AMD's Instinct graphics processing units, EPYC central processing units, and ROC software. As part of the agreement, AMD will receive market-priced warrants to buy Core Scientific shares, subject to certain commercial conditions. The pact expands capacity for AMD with more than 500 megawatts of U.S. infrastructure beginning in 2027, with the opportunity to scale up to 2.5 gigawatts, at a time when AI demand has heightened the race for access to power, land and data center infrastructure. AMD said that by expanding access to Core Scientific's AI-ready infrastructure it will enable customers to deploy AI faster and at greater scale.