Core Scientific Secures Major AMD Deal as Bitcoin Mining Fades

Core Scientific has agreed to provide AMD and its partners with 529 megawatts of US data center capacity under contracts lasting 15 years. The infrastructure will support AI deployments beginning in 2027, with the potential to generate more than $14 billion in base contracted revenue.

The initial capacity includes 377 MW leased directly by AMD across facilities in Texas and Oklahoma. An unnamed cloud provider will use another 152 MW at Core Scientific sites in Alabama and Georgia under AMD-supported agreements. AMD can also reserve an additional 1,925 MW through December 28, 2028, potentially expanding the partnership to roughly 2.5 gigawatts.

The companies will work together on physical infrastructure and the deployment of AMD’s Instinct GPUs, EPYC processors, and ROCm software. AMD also received warrants to purchase up to 30 million Core Scientific shares at $23.47 each. Around 6.5 million of those warrants vested after the first leases were signed.

The agreement highlights Core Scientific’s rapid move away from its original Bitcoin-focused business. Its quarterly filing shows that colocation generated $136.7 million, or 83% of second-quarter revenue. Self-mining revenue fell to $21.5 million from $62.4 million a year earlier, while the mining segment recorded a $12.2 million gross loss.

Core Scientific also ended its mining-chip agreement with Block and recognized a $41.9 million termination charge. The company said the decision formed part of its plan to wind down mining and redirect power toward long-term AI and high-density computing contracts.

The next key test will be whether Core Scientific can deliver the planned capacity on schedule as its remaining Bitcoin operations shrink.