Core Scientific has signed a major deal with chipmaker AMD to lease its artificial intelligence infrastructure starting next year. The agreement marks a clear pivot for the bitcoin miner, which has been repositioning itself as a provider of high-performance computing for AI workloads. Shares of Core Scientific (CORZ) rose on the news.
What the deal covers
Under the terms, Core Scientific will lease a portion of its data center capacity to AMD for AI compute. The infrastructure is already built out and ready for deployment. The lease is set to begin in 2026, though the exact start date and duration weren't disclosed. The deal also includes an option for AMD to purchase Core Scientific common stock, a structure that gives the chipmaker a potential equity stake in the company.
From bitcoin to AI
Core Scientific has been one of the largest publicly traded bitcoin miners in the U.S., but the company has been shifting its focus. The AMD lease is the clearest signal yet that management sees more growth in renting out computing power for AI than in mining digital gold. The pivot mirrors a broader trend among miners who are repurposing their energy-intensive facilities for AI workloads, which require similar power and cooling infrastructure.
Market reaction
Investors liked what they saw. CORZ stock climbed after the announcement, adding to gains the company has seen this year as it talked up its AI ambitions. The stock is still well below its 2021 highs, but the AMD deal gives the narrative some concrete backing.
The lease is expected to close in early 2026. The potential stock purchase by AMD would require regulatory approval and board sign-off from both sides. Core Scientific hasn't said whether it will raise additional capital or sell more shares to fund further AI infrastructure buildout. For now, the company is betting that renting out its rigs to a chip giant pays better than running them for bitcoin.
