Core Scientific signs $14 billion infrastructure deal with AMD securing up to 2.5 GW of dedicated AI data center capacity, with further expansion options.
Core Scientific and AMD have signed an agreement providing up to 2.5 gigawatts of data center capacity for customers deploying the chipmaker's AI systems, with capacity becoming available from 2027 onwards. The companies will collaborate on the physical design of infrastructure needed to support high-density computing workloads, utilizing AMD Instinct graphics processing units, EPYC processors, and the company's ROCm software platform. The agreement's financial value and end customers were not disclosed.
The arrangement pairs AMD's computing products with Core Scientific's power and data center infrastructure—a structure that differs from a standard hardware order. As Core Scientific converts more of its facilities from cryptocurrency mining to AI computing, this scale of partnership positions AMD as a significant customer and commercial partner. AMD will receive market-priced warrants allowing it to purchase Core Scientific common stock, though the potential size of AMD's resulting stake was not disclosed.
Core Scientific has systematically redirected its business toward data center services. The company sold 2,385 Bitcoin earlier in 2026 to provide liquidity during its transition, and currently holds 848 BTC according to BitcoinTreasuries data. While it continues generating revenue from cryptocurrency mining for its own account and hosting services for other miners, the company is increasingly repurposing its facilities for colocation services supporting power-intensive AI systems.
The AMD agreement reflects a broader industry shift. Limited access to large sites with substantial power connections has made miners' existing infrastructure attractive to cloud providers and AI developers. Marathon Digital recently expanded its AI footprint through a Texas site acquisition, while TeraWulf signed a 20-year data center agreement with Anthropic in July. Hut 8 and IREN announced separate multibillion-dollar AI infrastructure deals the same week, with Hut 8 executing a second 15-year lease worth $9.8 billion at its Beacon Point campus in Texas and IREN disclosing $2.8 billion in new multiyear AI cloud contracts.
Core Scientific's stock initially rose more than 5% in premarket trading following the announcement but reversed direction after the opening bell, falling more than 4% amid a broader equity market sell-off. The stock has declined over 12% during the past week but remains up over 40% since the start of 2026 as investors assess its transition from Bitcoin mining to AI infrastructure.
The stock reversal suggests investors are weighing the agreement's long-term capacity potential against near-term execution costs and market conditions. The companies disclosed no details regarding expected revenue, construction spending, deployment stages, or the timeline for bringing the full 2.5 GW online. For shareholders, AMD's warrants present a potential dilution consideration if the chipmaker exercises its right to purchase Core Scientific shares, with the eventual impact determined by commercial conditions and the number of shares covered.
Core Scientific's success will depend on power availability, construction timelines, customer demand, and the capital required to convert former mining sites for 2027 deployments. Investors will monitor disclosures covering the agreement's financial value, deployment schedule, and warrant terms to assess how quickly the AMD partnership could offset declining reliance on Bitcoin mining revenue. As competition intensifies among miners for AI tenants and financing, Core Scientific's 2.5 GW of contracted demand represents substantial leverage, though future results will depend on how much capacity is delivered and how profitably the company operates it.