OpenAI's AMD deal came with a warrant for 160 million shares

When AMD and OpenAI announced their 6-gigawatt GPU partnership on October 6, 2025, AMD issued OpenAI a warrant for up to 160 million shares of AMD common stock - a path to roughly a 10 percent stake. The first tranche vests with the initial 1 gigawatt deployment of AMD Instinct MI450 Series GPUs, and additional tranches vest as OpenAI’s purchases scale toward 6 gigawatts, with vesting also tied to AMD share-price targets. The structure made a major customer also a potential major shareholder of its chip supplier.