This is a transformative deal that validates Core Scientific's pivot from bitcoin mining to AI colocation, locking in a blue-chip anchor tenant (AMD) with massive expansion rights. The immediate vesting of 6.5M shares to AMD is a modest dilution cost for the revenue visibility. Traders should watch for execution milestones on the 530 MW buildout timeline (initial delivery expected early 2027) and any further expansion announcements from AMD exercising its capacity rights.
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Executive Summary
Core Scientific entered into massive lease agreements with AMD (377 MW) and a Neocloud (152 MW) for AI data center capacity, totaling 529 MW of critical IT load with a 15-year term and options for AMD to expand up to an additional 1,925 MW. In connection with the leases, Core Scientific issued AMD a warrant to purchase up to 30 million shares at $23.47 per share, with approximately 6.5 million shares immediately vested. The deal transforms Core Scientific into a major AI infrastructure partner for AMD, providing long-term contracted revenue visibility of $24B+, but comes with significant shareholder dilution from the warrant issuance.
Key Facts
- Core Scientific entered into 15-year lease agreements with AMD for 377 MW and a Neocloud for 152 MW of critical IT capacity.
- AMD has a reservation right to lease an additional 1,925 MW through December 2028.
- Core Scientific issued AMD a warrant to purchase up to 30 million shares at $23.47 per share; ~6.5 million shares vested immediately.
- The company reports $24B+ in total contracted revenue and ~$1.8B in average annualized colocation GAAP revenue.
- Pro forma fully diluted share count is ~508 million shares, up from ~187 million base shares.
- Colocation revenue grew to $136.7M in Q2 2026 from $31.3M in Q4 2025, with billing MW rising from 120 to 395.
Financial Impact
Total contracted revenue of $24B+ over the lease terms, with average annualized colocation GAAP revenue of ~$1.8B. Dilution from the AMD warrant could add up to 30 million shares (approximately 5.9% of the pro forma diluted count of 508M).
Risk Factors
- Execution risk on building out 530 MW of data center capacity by end of 2028.
- Dilution from the full 30 million warrant shares if all vest, representing ~5.9% of the pro forma diluted share count.
- Dependence on AMD's success in the AI GPU market to drive future capacity reservations.
- Capital expenditure requirements for buildouts, estimated at $11-12M per MW.
- Historical performance shows the stock has been volatile post-filing, with a -6.08% average T+20 return on prior reports.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001839341-26-000012 |
| Document: q2fy26earningsdeck728am.htm | 0001839341-26-000012 |
| Document: amdpr.htm | 0001839341-26-000012 |
| Document: 0001839341-26-000012-index-headers.html | 0001839341-26-000012 |
| Document: 0001839341-26-000012-index.html | 0001839341-26-000012 |
| Document: 0001839341-26-000012.txt | 0001839341-26-000012 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | 8-K | $17.37 $17.14 | ▼ −1.32% | ▼ −0.83% | $16.53 (−4.84%) |
Aug 26, 2026 5w ago | Insider Cluster | $17.42 $16.81 | ▼ −3.50% | ▼ −3.38% | $16.53 (−5.11%) |
Aug 24, 2026 5w ago | Insider Cluster | $17.27 $16.30 | ▼ −5.62% | ▼ −6.09% | $16.53 (−4.28%) |
Aug 20, 2026 6w ago | Insider Cluster | $18.39 $17.62 | ▼ −4.19% | ▼ −5.30% | $16.53 (−10.11%) |
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Jun 29, 2026 13w ago | Court Ruling | $25.94 $22.80 | ▲ +12.10% | ▲ +13.49% | $16.53 (+36.28%) |
Jun 11, 2026 16w ago | Institutional Cluster | $27.60 $29.16 | ▲ +5.65% | ▲ +4.98% | $16.53 (−40.11%) |
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