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 Research has valued Core Scientific's partnership with AMD at $14 billion over 15 years, citing infrastructure backing and equity stake arrangements between the two entities. The deal structure includes AMD backstopping a neocloud lease and holding warrant options covering 30 million CORZ shares, the Core Scientific token.
The partnership centers on AI infrastructure expansion, with estimates suggesting up to 2.5 gigawatts of compute capacity could be added through the arrangement. AMD's dual role—providing both operational support for the lease and taking a financial position in Core Scientific—aligns the chipmaker's interests with the mining and infrastructure company's growth trajectory.
The valuation reflects Bernstein's projection of long-term revenue generation from the infrastructure lease component. Details regarding execution timeline, compute deployment schedules, warrant exercise conditions, and potential dilution to existing shareholders remain unclear from the available analysis.