Bernstein forecasts Core Scientific's AMD partnership could generate $14 billion over 15 years

Bernstein analyst Gautam Chhugani highlighted Core Scientific's 530-megawatt capacity agreement with AMD as evidence of a broader shift in AI infrastructure financing. In a research note published Thursday, Chhugani noted that major chipmakers are increasingly backing long-term data center leases signed by former Bitcoin miners.

Bernstein argues that chipmakers are using their balance sheets to help secure long-term AI infrastructure, enabling miners with existing power infrastructure to transition into AI hosting businesses. The firm estimates the Core Scientific partnership will generate approximately $14 billion in total revenue over 15 years, representing nearly $900 million in average annual revenue—roughly $1.8 million per megawatt annually.

While revenue per megawatt is modestly below recent AI colocation agreements, the direct lease to AMD is expected to generate nearly 100% margins under its triple-net structure. Core Scientific has guided to $11 million to $12 million of capital expenditure per megawatt, implying total project costs near $6 billion, with approximately $1 billion already invested. The remaining construction is expected to be financed through project-level debt.

Similar deals have emerged across the sector. Hut 8 Corp. announced a 704-megawatt agreement with a single tenant reportedly identified as Nvidia, while AMD has also reserved 200 megawatts with Riot Platforms.