Once a crypto mining company, now increasingly a cloud infrastructure landlord, Core Scientific just signed one of its bigger deals yet, this time with AMD, for more than 500 megawatts of AI cloud data center capacity starting in 2027.
The initial agreement covers 529 megawatts of critical IT capacity spread across five Core Scientific facilities in Texas, Oklahoma, Alabama, and Georgia. AMD directly leased 377 megawatts at sites in Pecos and Hunt County, Texas, and Muskogee, Oklahoma, while an unnamed neocloud provider picked up another 152 megawatts at facilities in Auburn, Alabama, and Dalton, Georgia. The leases run 15 years initially, with options for three separate five-year extensions, and AMD retains the right to reserve up to 1,925 additional megawatts through the end of 2028, pushing the deal’s potential total to roughly 2.5 gigawatts of cloud-ready capacity.
The infrastructure will support AMD’s Instinct GPUs, EPYC server processors, and ROCm software for cloud customers building AI systems, including model developers, cloud providers, and enterprises running workloads on cloud infrastructure. Neither company has said yet which specific processor models or rack configurations will go into these five sites, and it’s unclear whether AMD’s Helios rack-scale design, which bundles compute, networking, and cooling into one integrated system, will make an appearance here either.
Beyond the lease itself, AMD picked up warrants to purchase up to 30 million shares of Core Scientific stock at $23.47 each. Roughly 6.5 million shares vested immediately upon signing, and the rest will vest as AMD reserves additional cloud capacity down the line. Core Scientific estimates the initial 15-year agreements alone could generate more than $14 billion in potential contracted revenue, a figure that doesn’t even include capacity AMD hasn’t formally reserved yet.
This deal fits into a broader pivot for Core Scientific, which operates 11 facilities across seven states and is increasingly converting former cryptocurrency mining sites into high-density cloud colocation space. That shift is already paying off financially: high-density colocation brought in $136.7 million of the company’s $164.2 million in total revenue during the second quarter of 2026, making it Core Scientific’s largest cloud-adjacent revenue source by a wide margin, even as crypto mining continues generating meaningful income on the side.
CEO Adam Sullivan said the company’s cloud infrastructure portfolio supports AMD’s broader product roadmap, while AMD’s Mathew Hein framed the partnership as expanding access to the kind of cloud infrastructure customers need to deploy AMD’s AI hardware at real scale.
