AMD and Core Scientific Partner on $500 MW AI Infrastructure Deal

AMD and CORZ have signed a roughly 500 megawatt AI infrastructure agreement, with Core Scientific disclosing a base contract value of about $14 billion. The arrangement takes the form of 15-year lease agreements covering roughly 530 megawatts across Core Scientific sites, with AMD holding options that could extend the relationship to as much as 2.5 gigawatts.

Delivery is staged rather than immediate. Initial capacity for AMD is expected in early 2027, with the full block of roughly 530 megawatts online by the end of 2028. That timing puts the revenue well outside the current fiscal year for both companies, which is the main reason the announcement reads as a strategic positioning move rather than a near-term earnings event.

The deal is significant for AMD because compute capacity, not chip supply, has become the binding constraint on AI deployment. Locking in dedicated colocation gives AMD's Instinct accelerators and EPYC processors a home at a scale that has so far been the preserve of its larger rival, and it does so without AMD funding the data centers directly. For Core Scientific it completes a transformation from bitcoin miner to AI landlord, with total leased customer power now around 1.1 gigawatts.

The risk on both sides is execution and counterparty concentration. Fifteen-year leases assume power, permitting and construction all land on schedule at sites that were built for a different workload, and they concentrate a large share of Core Scientific's future revenue in a small number of tenants. Watch the first delivery milestone in early 2027 as the real test of the timeline.

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