Core Scientific is taking a big step away from bitcoin mining with a substantial new partnership. The company secured a 15-year deal with AMD, securing 529 megawatts of U.S. AI data center capacity. This contract alone could bring in more than $14 billion in revenue over its term, marking a major shift in Core Scientific’s business focus.
Expanding AI Capacity and Collaboration
The agreement allows AMD to start deploying customer AI workloads as early as 2027. What’s more, AMD has the option to reserve an additional 1,925 megawatts through 2028, potentially expanding the deal to around 2.5 gigawatts. Already, AMD has leased 377 megawatts across Core Scientific’s sites in Texas and Oklahoma. Another 152 megawatts have been leased by an unnamed cloud provider at locations in Alabama and Georgia, under AMD-backed contracts.
The partnership goes beyond leasing space. Core Scientific and AMD will work closely on data center design and the rollout of AMD’s latest hardware and software, including Instinct GPUs, EPYC processors, and ROCm software platforms. AMD also gained warrants for up to 30 million shares in Core Scientific, with 6.5 million vested immediately when leases began and more vesting as capacity commitments grow.
Shifting Away From Bitcoin Mining
This new AI-focused deal significantly increases Core Scientific’s leased customer capacity to about 1.1 gigawatts, which translates to potential contracted revenue exceeding $24 billion. To put that in perspective, as of mid-July, the company was billing customers for 437 megawatts, generating roughly $635 million in annualized revenue from colocation services, which has now become its core business. The recent deal firmly pushes the company away from bitcoin mining, which previously accounted for a majority of its revenue.
