$14 Billion AMD Deal: Core Scientific Shifts Focus from Bitcoin Mining
Core Scientific, a pioneer in Bitcoin mining turned high-performance computing powerhouse, has signed a landmark $14 billion infrastructure deal with AMD. The agreement marks a significant shift for Core Scientific as it moves away from cryptocurrency mining and focuses on AI colocation services.
The partnership covers an initial 529 MW of AI data center capacity across Texas, Oklahoma, Alabama, and Georgia, with potential expansion to 2.5 GW. As part of the deal, AMD will receive warrants for up to 30 million shares of Core Scientific stock at $23.47 per share.
Core Scientific's quarterly revenue more than doubled to $164.2 million, driven by surging AI colocation services that now account for 83% of total revenue. The company has also terminated an agreement with Block to purchase Bitcoin-mining chips and recorded a $41.9 million impairment charge.