AMD
CORZ
Not your grandpa’s Bitcoin miner
Core Scientific used to be the poster child for “mine coins, hope the cycle is kind.” Now? It’s looking more like a landlord for the AI boom. AMD’s new long-term infrastructure deal is a pretty big neon sign that Core Scientific’s transformation is real.
The AMD deal is the headline — and the proof
AMD has secured up to 2.5 gigawatts of future data center capacity, with 15-year agreements covering about 530 megawatts across five sites. That’s not pocket change; Core Scientific says the initial contracts alone represent more than $14 billion in potential base contracted revenue.
And the company’s total leased customer power capacity has now hit about 1.1 gigawatts, with more than $24 billion in potential contracted revenue. Translation: instead of relying on the mood swings of Bitcoin, Core Scientific is stacking long-duration infrastructure cash flows like it’s building the world’s most expensive utility closet.
The numbers are already changing the story
The income statement is starting to look like the plot twist the market had been waiting for:
- Colocation revenue jumped to $136.7 million from $10.6 million a year ago
- Digital asset self-mining revenue fell to $21.5 million
- Colocation gross margin widened to 59% from 11%
- Quarterly revenue came in at $164.2 million
- Adjusted EBITDA rose to $41.1 million
In other words, the AI pivot isn’t just vibes. It’s showing up in the math.
Still, Wall Street wants receipts
Even after the premarket pop, the stock is still trading below its 20-day and 50-day moving averages. That’s investor-speak for: nice story, now prove it can scale without tripping over its own power cords.
Big picture: AMD may not be the reason Core Scientific changed. It may be the moment everyone finally noticed the change was already happening.