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FollowingAMD has locked in more than $14 billion in data center lease agreement for Core Scientific to power its Helios AI racks
AMD and Core Scientific have signed a 15-year data center lease agreement worth more than $14 billion to ensure power supply for its Helios AI racks that will begin shipping this year. Under the agreement, Core Scientific will provide approximately 530 MW of electricity across its five campuses in the United States for a 15-year lease. AMD also retained priority access to an additional nearly 2 gigawatts of power, bringing the potential total size to 2.5 gigawatts. Microsoft, Meta, OpenAI, Oracle and Anthropic have all committed to deploying Helios racks.
Lease terms between AMD and Core Scientific
Core Scientific disclosed the agreements on July 28 and also announced second-quarter earnings, showing its custody revenue of $136.7 million, a 76% increase from the previous quarter. AMD directly leases approximately 377 megawatts of electricity in Pecos and Hunt counties, Texas, and Muskogee, Oklahoma. Separately, 152 megawatts of electricity in Auburn, Alabama, and Dalton, Georgia will serve an unnamed cloud services customer, with AMD providing credit support for the entire 15-year lease. The chipmaker also received a warrant to purchase up to 30 million shares of Core Scientific at $23.47 per share, of which approximately 6.5 million will vest after the first lease agreement is completed. The power supply of the Pecos Park will be in place in the first half of 2027, and the remaining parks will be completed one after another before 2028. AMD has the exclusive right to reserve an additional 1925 megawatts of electricity by the end of 2028.
Why Helios challenges NVIDIA
Adam Sullivan, CEO of Core Scientific, called the arrangement a "unique partnership" during the company's earnings conference call. Analysts at Needham maintain a buy rating and a $29 price target and view the lease agreements as an attractive expansion opportunity. The agreements roughly doubled the operator's contract AI capacity to approximately 1.1 GW and pushed its booking revenue to more than $24 billion. This capacity has only one task. AMD launched Helios in July, integrating 72 Instinct MI455X accelerators, sixth-generation EPYC processors and 31TB of HBM4 memory in a rack based on the open Ethernet standard. CEO Lisa Su positioned it as an inference alternative with memory capacity exceeding rival designs. Microsoft, Meta, OpenAI, Oracle and Anthropic have all joined the buyer list, and products will begin shipping in the second half of this year.
AMD's AI transaction layout since spring
NVIDIA still dwarfs the challenger, with its data center business reporting $75.2 billion in revenue in the quarter ended April, a 92% year-on-year increase. AMD reported revenue of US$5.8 billion for the March quarter, a year-on-year increase of 57%, and expects total sales of approximately US$11.2 billion in earnings reports released on August 4. The lease agreement with Core Scientific puts an end to months of accumulation of commitments since spring. OpenAI has reached a multi-year supply agreement of 6 GW, Meta has signed a 6 GW custom GPU agreement, and Oracle plans to deploy 50,000 MI450 accelerators starting this quarter. Anthropic committed on July 22 to purchase up to 2 gigawatts of similar components, and AMD agreed to invest up to $5 billion in the laboratory.
