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Core Scientific Secures 500-MW Data-Center Deal with AMD, Doubling Leased Capacity
On July 28, 2026, Core Scientific, Inc. (NASDAQ: CORZ) announced a landmark 15‑year lease agreement with Advanced Micro Devices, Inc. (NASDAQ: AMD). The contract will grant AMD access to more than 500 megawatts (MW) of U.S. data‑center capacity beginning in 2027, and it can be expanded to 2.5 gigawatts (GW). The deal is Core Scientific’s largest single‑customer contract and more than doubles the company’s total leased capacity.
Core Scientific’s earnings release clarified that the new agreements cover approximately 530 MW across five sites and could generate over $14 billion of base contracted revenue. AMD directly leases 377 MW, while an unnamed “neocloud” tenant leases an additional 152 MW under terms that grant AMD equipment protections and rights in the event of default. The combined 529 MW exceeds the 400 MW of AI capacity that Gullane Capital Partners founder Trip Miller had predicted for Core Scientific after the company’s shareholders rejected a CoreWeave acquisition.
The partnership follows a period of significant change for Core Scientific. In October 2025, shareholders voted against an all‑stock offer from CoreWeave that would have valued the company at roughly $9 billion. The offer, announced in July 2025, set a fixed exchange ratio of $20.40 per Core Scientific share, but the final value would have depended on CoreWeave’s share price at closing. The rejection was driven in part by concerns that the offer undervalued Core Scientific’s growing AI customer base.
Before the AMD deal, Core Scientific’s sole major tenant was CoreWeave, which had leased about 590 MW of capacity and accounted for 77 % of the company’s first‑half revenue. The new AMD and neocloud leases bring total leased capacity to roughly 1.1 GW and raise potential contracted revenue to more than $24 billion, including the existing CoreWeave relationship.
For AMD, the lease expands its ability to support the growing demand for AI workloads. According to a TechTimes report, AMD said the capacity would help it meet rising AI demand and support customer deployments of its AI products.
For Core Scientific, the deal validates the argument made by shareholders that the company’s power portfolio can attract major customers beyond CoreWeave. The company’s board noted that the new agreements diversify its customer base and reduce concentration risk.
Core Scientific’s shares rose more than 5 % in pre‑market trading following the announcement, reflecting investor confidence in the new contracts.
The partnership also reflects broader trends in the data‑center market. Analysts have noted that AI workloads are driving a surge in demand for high‑density GPU infrastructure, and that large semiconductor firms are securing long‑term capacity to support their product lines.
While the agreement offers a clear revenue path, some uncertainty remains. The total capacity can be scaled up to 2.5 GW, but the terms of that expansion are not yet finalized. Additionally, the unnamed neocloud tenant’s credit profile and long‑term stability have not been disclosed.
Core Scientific’s board has stated that it will continue to pursue additional long‑term leases with other AI and high‑performance computing customers. The company also plans to maintain its existing CoreWeave relationship, which remains a significant portion of its revenue.
In summary, Core Scientific’s July 28 announcement of a 500‑MW lease with AMD marks a major milestone in the company’s transition from a bitcoin‑mining focus to a diversified AI‑cloud and colocation provider. The deal expands AMD’s data‑center footprint, doubles Core Scientific’s leased capacity, and raises potential revenue to more than $24 billion. The partnership underscores the growing importance of long‑term, high‑density data‑center agreements in the AI‑driven market.
Core Scientific’s earnings release clarified that the new agreements cover approximately 530 MW across five sites and could generate over $14 billion of base contracted revenue. AMD directly leases 377 MW, while an unnamed “neocloud” tenant leases an additional 152 MW under terms that grant AMD equipment protections and rights in the event of default. The combined 529 MW exceeds the 400 MW of AI capacity that Gullane Capital Partners founder Trip Miller had predicted for Core Scientific after the company’s shareholders rejected a CoreWeave acquisition.
The partnership follows a period of significant change for Core Scientific. In October 2025, shareholders voted against an all‑stock offer from CoreWeave that would have valued the company at roughly $9 billion. The offer, announced in July 2025, set a fixed exchange ratio of $20.40 per Core Scientific share, but the final value would have depended on CoreWeave’s share price at closing. The rejection was driven in part by concerns that the offer undervalued Core Scientific’s growing AI customer base.
Before the AMD deal, Core Scientific’s sole major tenant was CoreWeave, which had leased about 590 MW of capacity and accounted for 77 % of the company’s first‑half revenue. The new AMD and neocloud leases bring total leased capacity to roughly 1.1 GW and raise potential contracted revenue to more than $24 billion, including the existing CoreWeave relationship.
For AMD, the lease expands its ability to support the growing demand for AI workloads. According to a TechTimes report, AMD said the capacity would help it meet rising AI demand and support customer deployments of its AI products.
For Core Scientific, the deal validates the argument made by shareholders that the company’s power portfolio can attract major customers beyond CoreWeave. The company’s board noted that the new agreements diversify its customer base and reduce concentration risk.
Core Scientific’s shares rose more than 5 % in pre‑market trading following the announcement, reflecting investor confidence in the new contracts.
The partnership also reflects broader trends in the data‑center market. Analysts have noted that AI workloads are driving a surge in demand for high‑density GPU infrastructure, and that large semiconductor firms are securing long‑term capacity to support their product lines.
While the agreement offers a clear revenue path, some uncertainty remains. The total capacity can be scaled up to 2.5 GW, but the terms of that expansion are not yet finalized. Additionally, the unnamed neocloud tenant’s credit profile and long‑term stability have not been disclosed.
Core Scientific’s board has stated that it will continue to pursue additional long‑term leases with other AI and high‑performance computing customers. The company also plans to maintain its existing CoreWeave relationship, which remains a significant portion of its revenue.
In summary, Core Scientific’s July 28 announcement of a 500‑MW lease with AMD marks a major milestone in the company’s transition from a bitcoin‑mining focus to a diversified AI‑cloud and colocation provider. The deal expands AMD’s data‑center footprint, doubles Core Scientific’s leased capacity, and raises potential revenue to more than $24 billion. The partnership underscores the growing importance of long‑term, high‑density data‑center agreements in the AI‑driven market.
