Core Scientific partners with AMD in $14 billion infrastructure deal for up to 2.5 GW AI data center capacity; Core Scientific receives 30 million AMD share warrants as Q2 revenue doubles.

Core Scientific just landed the kind of deal that validates its pivot from Bitcoin mining to AI infrastructure. The company announced a strategic partnership with AMD that gives the chipmaker immediate access to more than 500 megawatts of AI-ready data center capacity starting in 2027, with room to scale that commitment to a staggering 2.5 gigawatts. As part of the arrangement, AMD received warrants for up to 30 million shares of CORZ stock at an exercise price of $23.47 per share. Those warrants vest based on actual megawatts contracted, meaning AMD has to put real capacity commitments on the table before it can cash in.

Core Scientific's Q2 2026 earnings underscore the transformation. Colocation revenue hit $136.7 million for the quarter, nearly doubling the $77.5 million posted in Q1 2026. Colocation now represents roughly 77% of the company's total revenue of $164.2 million—a ratio that would have been unthinkable when Core Scientific was primarily known for Bitcoin mining. By mid-July 2026, the company's billing capacity had reached 437 MW. The AMD deal essentially promises to more than double that footprint in the near term, with long-term expansion potential that dwarfs current operations by a factor of nearly six.

The partnership extends beyond leasing rack space. AMD and Core Scientific will collaborate on infrastructure design optimized specifically for AMD's Instinct GPUs, EPYC CPUs, and the ROCm software platform. AMD isn't simply renting space; it's co-designing the facilities to maximize performance from its own silicon.

Core Scientific emerged from bankruptcy in early 2024 after a brutal crypto winter nearly ended the company. Two years later, it's fielding billion-dollar-scale infrastructure deals with one of the world's largest semiconductor companies. CORZ shares rose approximately 5% in premarket trading following the announcement.

The warrant structure introduces dilution considerations. If AMD exercises the full 30 million share allotment, existing shareholders would face meaningful dilution. However, those warrants only vest as AMD contracts additional capacity, which should drive significant revenue growth that would likely offset the share count increase.

A critical execution risk is often overlooked: scaling from 437 MW of current billing capacity to a potential 2.5 GW requires enormous capital expenditure, construction timelines, and grid interconnection approvals.