Bernstein values Core Scientific's AMD partnership at $14B over 15 years, with AMD providing infrastructure backing and warrant options for 30M CORZ shares.
VC & Fundraising ·
Bernstein has valued Core Scientific's partnership with AMD at $14 billion over 15 years, according to analysis of the computing infrastructure arrangement. The deal includes AMD backstopping a neocloud lease and holding warrant options for 30 million CORZ shares, linking the chipmaker's upside to Core Scientific's equity performance.
The partnership structure combines immediate infrastructure support with long-term revenue potential through the lease arrangement. AMD's warrant position gives the company equity exposure should Core Scientific's share price appreciate over the 15-year horizon, aligning incentives between the two parties around the durability of the computing capacity and utilization rates.
The valuation represents Bernstein's assessment of the deal's cumulative worth, though specifics around lease pricing, utilization assumptions, and warrant strike prices remain unclear from available analysis.