AMD issues Meta warrant for up to 160 million shares tied to 6 GW GPU deal
On February 23, 2026, AMD issued Meta a performance-based warrant to buy up to 160 million AMD common shares at $0.01 per share, alongside an amended purchase agreement under which Meta committed to buy the initial 1 gigawatt equivalent of AMD Instinct GPUs. The warrant's shares vest in tranches tied to Meta's purchases, up to 6 gigawatts, and to AMD stock price thresholds that rise to $600 per share, so the full share count would only be issued if those conditions are met. AMD says it expects the partnership to drive multi-year revenue growth and be accretive to non-GAAP earnings per share, but the filing gives no revenue or earnings figures.
Key points
- Warrant covers up to 160 million AMD common shares at an exercise price of $0.01 per share, issued February 23, 2026
- First tranche vests on shipment of the initial 1 gigawatt; full vesting requires Meta purchases of 6 gigawatts, plus stock price thresholds up to $600 per share for the final tranche
- Warrant exercisable until 5:00 p.m. Eastern time on February 23, 2031, by cash or cashless exercise at Meta's election
- Shipments supporting the first gigawatt deployment are scheduled to begin in the second half of 2026
The filing
Written by AI on Nov 8, 2026, 2:16 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 24, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.