Core Scientific (CORZ) entered a commercial partnership with AMD covering up to 2.5 GW of data center capacity, the company announced during its Q2 2026 earnings call. Initial agreements under the partnership are 15-year deals covering approximately 530 MW across five campuses. CEO Adam Sullivan said these agreements represent more than $14 billion of base contracted revenue with 2.5% annual escalators. AMD also has exclusive reservation rights to lease up to an additional 2 GW of capacity.

2.5 GW

Total potential data center capacity under the AMD partnership

The initial AMD build-out will require approximately $6 billion of capital, financed through project-level bonds. Core Scientific is prepared to invest up to $1 billion to advance roughly 500 MW of future capacity. CFO Jim Nygaard said the company plans to use project-bond structures similar to those used for its CoreWeave projects.

Pecos, Texas, is expected to be the first location for AMD, with initial megawatts in the first half of 2027. About half of the 530 MW commitment is expected in 2027, with the balance in 2028. Vertical construction is underway at Pecos, and the building shell for the first 185 MW is nearing completion. Core Scientific identified a pipeline of more than 2 GW of potential incremental power at new sites, with initial capacity potentially available from late 2028 through 2030.

Q2 2026 Financial Results

Core Scientific reported Q2 2026 total revenue of $164.2 million, with colocation revenue at $136.7 million. Gross profit was $70 million. The company posted a net loss of $1.15 billion, attributed to a non-cash accounting charge. Cash SG&A expense was about $36 million, up $4 million sequentially. Core Scientific ended Q2 with approximately $1.8 billion in liquidity.

164.2 $ million

Q2 2026 total revenue

Core Scientific held 848 Bitcoins at the end of Q2, up from 547 at the end of Q1, adding 301 during the quarter. The company ended 2025 with 2,537 BTC. Core Scientific expects mining activity to continue declining through the remainder of 2026. In June, the company had nearly 30% fewer miners online than at the end of Q1 and was self-mining at only two sites.

Core Scientific shares fell following the earnings release, with reports indicating a drop of more than 4% or about 2% on Tuesday afternoon. The stock is up 36% year to date. The company operates data centers across Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma, and Texas. COO Matt Brown said the company is currently billing for 437 MW of capacity, having substantially completed four of five CoreWeave campuses. Dalton Phase Two, the fifth campus, is expected to deliver its remaining 150 MW at the end of 2026 and be completed in early 2027.