AMD Secures $14B Core Scientific AI Infrastructure Partnership
Core Scientific has entered into a significant partnership with Advanced Micro Devices (AMD) to provide AI infrastructure. The 15-year agreement covers 529 megawatts of US artificial intelligence capacity and is expected to generate over $14 billion in contracted revenue.
The partnership allows AMD to lease 377 MW directly, while an unnamed cloud provider leased another 152 MW through agreements backed by AMD. This brings the total initial commitment to 529 MW. The companies will jointly design future facilities, using AMD's Instinct graphics processing units, EPYC processors and ROCm software.
This deal marks a significant shift in the industry, as many miners have pivoted towards AI infrastructure due to its more attractive economics compared to cryptocurrency mining. Core Scientific has already seen success with this approach, generating $136.7 million in colocation revenue in Q2, which accounted for 83% of their total revenue.
The partnership also includes warrants that allow AMD to purchase up to 30 million Core Scientific shares at $23.47 each. This creates an additional financial incentive as the companies expand the partnership over time.