Overview
- Core Scientific said it signed 15-year leases covering roughly 530 megawatts across five U.S. sites that can expand up to 2.5 gigawatts and that deployments are expected to begin in 2027.
- Regulatory filings show AMD directly leased 377 megawatts while an unnamed neocloud leased 152 megawatts under terms that give AMD equipment protections and certain rights if that customer defaults.
- Company disclosures put more than $14 billion in base contracted revenue tied to the AMD-linked agreements and described aggregate capacity that represents over $24 billion of potential contracted revenue.
- The new deals materially reduce customer concentration by nearly doubling leased power to about 1.1 gigawatts from a CoreWeave‑dominated base that had leased about 590 megawatts and driven most recent revenue.
- Analysts and investors say the real value depends on securing large project financing, completing construction, achieving grid interconnection and installing equipment, and the agreements include warrant and protection clauses that shape future upside and ownership risk.