Asked for a ballpark estimate of how much of the $11M-$12M per megawatt CapEx has already been spent on preparing the AMD sites.

Adam Sullivan stated they had previously mentioned deploying about $2 million per megawatt across the portfolio, with about $1 billion in commitments for these projects, indicating they are far into the capital commitment for the equity investment. “we were looking at deploying about $2 million per megawatt across the portfolio. And so we had a bit just about $1 billion in commitments across these projects.”

Asked about the level of confidence in delivering the AMD capacity on time, given the commitment to a single customer.

Adam Sullivan expressed high confidence, citing secured equipment, contractors on site, and progress at Pecos (building almost complete). He emphasized their execution capabilities as a key reason AMD chose them. “we have the equipment secured, we have contractors on site across these 5 campuses. This is a unique situation compared to others who are announcing deals with Greenland.”

Asked for breakdown of the 2 GW new site pipeline and if capital would be spent ahead of leases, similar to current strategy.

Adam Sullivan did not give a site breakdown but confirmed the Hunt acquisition is representative. He stated they absolutely expect to spend capital to bring new sites to "pad-ready status" ahead of lease, including substation installation. “what we include in those calculations is being able to bring that site to really a pad-ready status the very lease. That includes putting the substation in place and releasing that capital”

CORZ

Core Scientific (CORZ) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Information Technology· Jul 28, 2026

Source: earnings call transcript

Executive summary

Core Scientific Q2 FY26 — Transformational AMD Partnership and Capacity Expansion

Core Scientific announced a transformational partnership with AMD, securing significant long-term contracted revenue and validating its strategy of building capacity ahead of demand. The company demonstrated strong execution by delivering 437 megawatts ahead of schedule and is now focused on the AMD build-out and expanding its power portfolio for future growth. This positions Core Scientific as a key infrastructure provider in the rapidly expanding AI ecosystem.

Highlights

Secured a commercial partnership with AMD for up to 2.5 gigawatts of data center capacity, including an initial 530 megawatts of contracted capacity.
The initial AMD agreement represents over $14 billion of base contracted revenue across 15-year agreements with 2.5% annual escalators.
Total contracted billable capacity now stands at approximately 1.1 gigawatts, representing over $24 billion of base contracted revenue.
Achieved 437 billable megawatts ahead of schedule, demonstrating strong execution capabilities.
Ended Q2 FY26 with approximately $1.8 billion of liquidity, providing a strong foundation for future growth.

Concerns

Cash SG&A increased sequentially to $36 million in Q2 FY26, primarily due to one-time professional fees.
Build costs for high-density AI infrastructure are estimated at $11 million to $12 million per megawatt, driven by equipment and labor cost increases.
Uncertainty related to timing of on-grid power for Pecos (300 MW) means behind-the-meter strategy will drive next megawatts.

Guidance & targets

Category	Target	Timeline	Confidence
Build cost per megawatt	$11 million to $12 million medium materiality	Current market conditions	High
Capital required for initial AMD build-out	$6 billion high materiality	Initial 530 megawatts	High
Investment for future capacity build-outs	up to approximately $1 billion medium materiality	Future capacity	High
AMD initial megawatt delivery	first half of 2027 high materiality	H1 2027	High
AMD contract delivery schedule	about half the contract will be delivered in 2027 and the other half will be delivered in 2028 high materiality	2027 and 2028 · 2027, 2028	High
New site pipeline availability	late 2028 through 2030 medium materiality	Late 2028-2030 · 2028, 2029, 2030	Medium
Optimal megawatts delivery per year	about 600 megawatts medium materiality	2028	Medium
Core Weave Dalton Phase II completion	end of this year and be completed in early 2027 medium materiality	End of 2026 / Early 2027 · 2026, 2027	High
Cash SG&A baseline	low $30 million range low materiality	Quarterly	Medium

CORZ operating KPIs by quarter

CORZ operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Mar 2026 Q1 FY26	This call Jun 2026 Q2 FY26	Change vs prior quarter
Billable capacity	243 MW Today, I am pleased to announce that we have delivered 243 megawatts of billable capacity to CoreWeave. Source: earnings call transcript	437 MW A, we are pleased to announce we are ahead of schedule and currently billing for 437 megawatts of capacity. Source: earnings call transcript	+79.8%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Orderbook & backlog

Total contracted billable capacity 1.1 gigawatts Q2 FY26

Represents total contracted capacity across all customers, including the new AMD partnership.

Total base contracted revenue $24 billion Q2 FY26

Represents base contracted revenue across all customers, including the new AMD partnership, over the full contract terms.

Deals & partnerships

AMD Commercial partnership for data center capacity $14 billion 15-year agreements

Initial agreement for 530 megawatts across 5 sites, including 380 megawatts directly to AMD (triple-net lease) and 150 megawatts for a Neo Cloud customer with AMD credit support (modified gross lease). Includes exclusive reservation rights for up to 2 additional gigawatts.

Neo Cloud customer (with AMD credit support) Lease agreement for data center capacity full 15-year lease term

This lease is part of the broader AMD partnership, with AMD providing full credit support, protecting Core Scientific's equity investment by not including equity step-in rights.

Capital programs

AMD Initial 530 MW Build-out Program underway $6 billion

Spent to date: $1 billion

Funding: project-level bonds

Start: Q2 FY26

Benefit:530 megawatts

This program covers the initial 530 megawatts of contracted capacity for AMD across 5 sites. The company has already pre-spent approximately $1 billion to advance development and secure long-lead equipment for future capacity, including these projects.

New Site Development Pipeline identified

Period spend: up to approximately $1 billion

Start: Q2 FY26

Benefit:more than 2 gigawatts of potential incremental power

This pipeline represents potential incremental power capacity, with initial capacity potentially available from late 2028 through 2030. The company is prepared to invest up to $1 billion to advance roughly 500 megawatts of initial build-outs.

Risks & headwinds

Increased build costs for AI infrastructure current market conditions

$11 million to $12 million per megawatt

Mitigation:applying that experience to a standardized multisite deployment platform for AMD with determined focus on schedule, capital delisting and repeatable execution.

Labor scarcity and cost inflation today

Labor is very scarce in a number of markets across the U.S.

Mitigation:securing labor and GCs on site and sort of progressing through GMPs

Supply chain constraints for equipment over the past year

increases in equipment cost, some of that driven by tariffs over the past year, some of it just driven by supply chain constraints and availability

Mitigation:already secured long-lead equipment for a large quantum of those megawatts.

Uncertainty in on-grid power timing for Pecos next few weeks

uncertainty related to timing of that next 300 megawatts from on grid power.

Mitigation:behind-the-meter strategy will drive the next megawatts at Pecos

What to watch in Q3 FY26

Dalton Phase II completion

early 2027

Current on track for full completion in early 2027

Target completed

Why it matters

Completion of this final Core Weave campus will finalize the transition of existing power capacity to high-density colocation.

Dalton Phase II, the fifth and final campus remains on track for full completion in early 2027.

Find out whether CORZ delivers this. Inve re-checks your case every morning.

Q&A highlights

Asked for color on the timeline for the 1.5 GW behind-the-meter expansion with AMD and the duration of AMD's exclusivity period.

Adam Sullivan stated that speculating on AMD's actions for additional megawatts is inappropriate, but confirmed the 2 GW is an exclusive reservation agreement. He noted that behind-the-meter solutions are becoming common and Core Scientific is well-positioned to deliver.

“it is up to nearly 2 gigawatts of additional capacity under the agreement. And that is an exclusive reservation agreement that we have with AMD”

asked by John Todaro · answered by Adam Sullivan

2 min read 5 chapters

Detailed narrative

Transformational AMD Partnership

Core Scientific announced a commercial partnership with AMD for up to 2.5 gigawatts of data center capacity, with an initial agreement for 530 megawatts across five sites. This initial phase represents over $14 billion of base contracted revenue over 15 years, with 2.5% annual escalators.

The deal includes 380 megawatts directly to AMD under a triple-net lease and 150 megawatts supporting a Neo Cloud customer with full credit support from AMD, without equity step-in rights.

Strategic Capacity Expansion

The AMD agreement includes exclusive reservation rights for up to an additional 2 gigawatts, which Core Scientific plans to make available through incremental connected power and behind-the-meter solutions across Pecos, Hunt, and Muskogee. This strategy aims to align with AMD's infrastructure requirements and leverage Core Scientific's existing portfolio and development capabilities.

The company is also developing a new site pipeline of over 2 gigawatts for potential incremental power from late 2028 through 2030.

Demonstrated Execution and Delivery

Core Scientific achieved 437 billable megawatts ahead of schedule, demonstrating its ability to deliver complex infrastructure efficiently and at scale. This execution capability was a key factor in AMD's decision to partner with Core Scientific. The company is now applying this experience to a standardized multi-site deployment platform for AMD, with Pecos on track for initial megawatt delivery in the first half of 2027.

Capital Allocation and Financing Strategy

The initial 530 megawatts for AMD will require approximately $6 billion of capital, expected to be financed through project-level bonds. Core Scientific ended Q2 FY26 with $1.8 billion in liquidity and plans to invest up to $1 billion to advance approximately 500 megawatts of initial build-outs for future capacity, securing long-lead equipment and development ahead of customer contracts.

Market Dynamics and Cost Structure

Management highlighted continued strong demand from hyperscalers and AI labs, with data center capacity remaining in short supply. The cost per megawatt for high-density AI infrastructure is estimated at $11 million to $12 million, driven by increases in equipment and labor costs. The company emphasized its unique position to invest ahead of customer demand when economics are compelling, leveraging its balance sheet and operating experience.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.