Bernstein, an analytical company, has published a detailed review of the strategic partnership between Core Scientific and AMD Corporation, estimating the potential total revenue from the deal at $14 billion over fifteen years. According to the study, the initial contracts for 530 megawatts of capacity are divided into 377 megawatts of direct lease under the triple-net model and 152 megawatts for an unnamed cloud provider, where the chip manufacturer acts as a credit guarantor. This structure makes it possible to significantly reduce the cost of financing and minimize counterparty risks compared to traditional models based on external credit support. Additionally, AMD received warrants for the acquisition of 30 million shares of Core Scientific at a price of $ 23.47 per paper, the terms of which are directly linked to achieving the target of 2.5 gigawatts.

The financial parameters of the agreement demonstrate high economic efficiency for both parties. The average annual revenue under this agreement is estimated at about $0.9 billion, or about $1.8 million per megawatt, which is within the lower range of recent market deals for the placement of artificial intelligence equipment. At the same time, a direct lease using the triple-net model provides margins close to 100 percent, and a mixed EBITDA for the entire transaction is projected at 96 percent. To implement the project, Core Scientific assumes capital expenditures of between $11 million and $12 million per megawatt, which together amounts to about $6 billion. About one billion dollars has already been invested, and the company plans to raise the remaining amount by issuing project bonds.

Bernstein experts emphasize that this partnership marks the qualitative transition of former bitcoin mining operators to the status of full-fledged infrastructure providers for artificial intelligence systems. Unlike early contracts, where technology giants acted only as insurers, modern semiconductor manufacturers such as AMD are ready to directly become anchor tenants and support long-term infrastructure projects. This trend is confirmed by similar initiatives in the market, including the allocation of 704 megawatts of capacity by Hut 8 for a tenant identified as Nvidia, as well as the reservation of 200 megawatts from Riot Platforms. This strategic reorientation correlates with the recent decision by Core Scientific to pay $41.9 million for the early termination of the mining equipment supply contract in favor of accelerated diversification.