Core Scientific signs 2.5 GW AMD AI deal as CORZ falls

Core Scientific shares fell after the Bitcoin miner agreed to provide AMD with up to 2.5 gigawatts of data center capacity for artificial intelligence deployments starting in 2027.

AMD secures up to 2.5 GW from Core Scientific

Core Scientific and AMD have signed an agreement covering up to 2.5 GW of data center capacity for customers deploying the chipmaker’s AI systems.

Capacity will become available from 2027, according to a joint announcement from the companies. Core Scientific and AMD will also work together on the physical design of the infrastructure needed to support high-density computing workloads.

Planned deployments will use AMD Instinct graphics processing units, EPYC processors, and the company’s ROCm software platform. The announcement did not disclose the financial value of the agreement or identify the end customers expected to use the capacity.

Unlike a standard hardware order, the arrangement pairs AMD’s computing products with Core Scientific’s power and data center infrastructure. The scale of the agreement could make AMD an important customer and commercial partner as Core Scientific converts more of its sites from crypto mining to AI computing.

AMD will also receive market-priced warrants allowing it to purchase Core Scientific common stock. The warrants remain subject to commercial conditions, and the companies did not disclose the potential size of AMD’s resulting stake.

Core Scientific accelerates its shift from Bitcoin mining

Core Scientific built its business around Bitcoin mining but has increasingly redirected capital and power capacity toward high-density data center services.

As previously reported by crypto.news, the company sold 2,385 Bitcoin earlier in 2026 to provide liquidity during the transition. BitcoinTreasuries data shows that Core Scientific still holds 848 BTC.

The company continues to generate revenue by mining crypto for its own account and providing hosting services to other miners. However, it is repurposing its remaining facilities for colocation services capable of supporting power-intensive AI systems.

The AMD agreement places Core Scientific among several publicly traded Bitcoin miners pursuing AI infrastructure contracts. Limited access to large sites with substantial power connections has made miners’ existing facilities attractive to cloud providers and AI developers.

MARA recently expanded its AI infrastructure footprint through the acquisition of a site in Texas. TeraWulf also signed a 20-year data center agreement with Anthropic earlier in July.

Hut 8 and IREN announced separate multibillion-dollar AI infrastructure deals last week. Hut 8 signed a second 15-year lease worth $9.8 billion at its Beacon Point campus in Texas, while IREN disclosed $2.8 billion in new multiyear AI cloud contracts.

CORZ reverses its premarket gain

CORZ initially rose more than 5% in premarket trading after the AMD agreement was announced. The stock reversed direction after the opening bell and fell more than 4% as a broader equity market sell-off weighed on trading.

Core Scientific shares have now declined more than 12% over the past week. Despite the latest pullback, the stock remains up over 40% since the start of 2026 as investors assess its transition from Bitcoin mining to AI infrastructure.

The reversal indicates that investors are weighing the agreement’s long-term capacity against near-term execution costs and market conditions. The companies did not disclose expected revenue, construction spending, deployment stages, or a timetable for bringing the full 2.5 GW online.

For U.S. investors, AMD’s warrants introduce a potential dilution consideration if the chipmaker exercises its right to buy CORZ shares. The commercial conditions and number of shares covered will determine the eventual effect on existing holders.

Execution becomes the next test for Core Scientific

Core Scientific must now prepare its facilities for deployments scheduled to begin in 2027. Its progress will depend on power availability, construction timelines, customer demand, and the capital required to convert former mining sites.

Investors will also watch for disclosures covering the agreement’s financial value, deployment schedule, and warrant terms. These details will help determine how quickly the AMD partnership could replace declining reliance on Bitcoin mining revenue.

The wider shift among miners is increasing competition for AI tenants and financing. Core Scientific’s 2.5 GW agreement gives it substantial contracted demand, but future results will depend on how much capacity is delivered and how profitably the company operates it.