AMD · 10-K · 2025A · Full report
Customer dynamics — OpenAI agreement
ADVANCED MICRO DEVICES INC · 2026-02-04 · Importance 69 · Surprise 60
In October 2025 AMD entered a product purchase agreement with OpenAI to deploy 6 gigawatts of AMD GPUs, with the first gigawatt to be powered by AMD Instinct MI450 series products, representing a significant hyperscaler-class customer commitment. Concurrently AMD issued OpenAI a warrant to purchase up to 160 million shares of common stock at $0.01 per share, vesting tied to GPU purchase milestones and AMD stock performance; no tranches vested or impacted the 2025 financials. The deal underscores AMD's traction with large AI customers and hyperscalers and signals potential multi-year GPU demand tied to large-scale model training and inference deployments. Management also highlights deployments to large hyperscale customers, OEMs and ODMs of MI350X Series GPUs during 2025.
Key facts
- In October 2025, AMD entered into a product purchase agreement with OpenAI OpCo, LLC to deploy 6 gigawatts of AMD GPUs, with the first gigawatt powered by AMD Instinct MI450 series products.
- Concurrent with the OpenAI agreement, AMD issued a warrant to OpenAI to purchase up to 160 million shares of AMD common stock at an exercise price of $0.01 per share, exercisable through October 5, 2030, subject to vesting and other conditions.
- None of the warrant shares issued to OpenAI met the vesting or exercise conditions and the warrant had no impact on AMD’s financial statements for the year ended December 27, 2025.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | committed | — | In October 2025, AMD entered into a product purchase agreement with OpenAI OpCo, LLC to deploy 6 gigawatts of AMD GPUs, with the first… |
| cash | positive | contingent | 0.0% | Concurrent with the OpenAI agreement, AMD issued a warrant to OpenAI to purchase up to 160 million shares of AMD common stock at an… |