Core Scientific just landed the kind of deal that makes its Bitcoin mining origins feel like a past life. The company announced a strategic partnership with AMD that gives the chipmaker immediate access to more than 500 megawatts of AI-ready data center capacity starting in 2027, with room to scale that commitment to a staggering 2.5 gigawatts.

As part of the arrangement, AMD received warrants for up to 30 million shares of CORZ stock at an exercise price of $23.47 per share. Those warrants vest based on actual megawatts contracted, meaning AMD has to put real capacity commitments on the table before it can cash in.

From hash rates to GPU racks

The company’s Q2 2026 earnings tell the story in stark numbers. Colocation revenue hit $136.7 million for the quarter, nearly doubling the $77.5 million it posted in Q1 2026. That colocation business now represents roughly 77% of Core Scientific’s total revenue of $164.2 million, a ratio that would have been unthinkable when the company was primarily known for mining Bitcoin.

By mid-July 2026, Core Scientific’s billing capacity had reached 437 MW. The AMD deal essentially promises to more than double that footprint in the near term, with long-term expansion potential that dwarfs the company’s current operations by a factor of nearly six.

The technical side of this partnership goes beyond simply leasing rack space. AMD and Core Scientific will collaborate on infrastructure design optimized specifically for AMD’s Instinct GPUs, EPYC CPUs, and the ROCm software platform. In English: AMD isn’t just renting space, it’s co-designing the facilities to squeeze maximum performance out of its own silicon.

The Bitcoin mining ghost

Core Scientific emerged from bankruptcy in early 2024 after a brutal crypto winter nearly ended it. Two years later, it’s fielding billion-dollar-scale infrastructure deals with one of the world’s largest semiconductor companies.

CORZ shares rose approximately 5% in premarket trading following the announcement.

What this means for investors

The warrant structure introduces some dilution risk worth watching. If AMD exercises the full 30 million share allotment, existing shareholders would see meaningful dilution. But those warrants only vest as AMD contracts more capacity, which would drive significant revenue growth that should more than offset the share count increase.

One risk factor that doesn’t get enough attention is execution. Scaling from 437 MW of current billing capacity to a potential 2.5 GW requires enormous capital expenditure, construction timelines, and grid interconnection approvals.