AMD warrants could give OpenAI and Meta up to 320 million shares at one cent
In brief
- OpenAI and Meta each hold warrants for up to 160 million AMD shares at $0.01.
- OpenAI's warrant dates to October 2025; Meta's dates to February 2026.
- GPU purchase milestones and AMD stock targets, the last at $600, govern vesting.
- Full exercise would lift AMD's share count by roughly 19.6%, Crypto Briefing calculates.
- No warrants had vested as of AMD's mid-2026 SEC filings.
How the warrants work
Each warrant covers up to 160 million shares at an exercise price of $0.01 per share, and both expire in five years, per AMD's SEC filings. They're tied to hardware. Each customer committed to buy up to 6 gigawatts of AMD's Instinct MI450-series GPUs over roughly five years, and the first 1-gigawatt tranche was expected to start shipping in the second half of 2026.
Vesting happens in stages. Shares unlock as OpenAI and Meta hit purchase milestones and as AMD's stock clears a series of rising price targets (the last of which is $600). It also depends on execution, since AMD has to deliver MI450-series chips on schedule and the customers have to actually deploy them.
So far, none of it has vested.
The dilution math
AMD had about 1.63 billion shares outstanding as of late July 2026, out of 4 billion authorized. Crypto Briefing calculated that full exercise of both warrants would lift the outstanding count by roughly 19.6%. The cash AMD would collect is tiny by comparison: about $3.2 million.
The paper value is a different story. Crypto Briefing put AMD's September 2026 trading range at $600 to $630 (a run that, per the outlet, pushed its market cap past $1 trillion) and estimated the warrant shares' paper value at roughly $192 billion to $202 billion. That estimate is contingent on the purchase milestones being met.
Why AMD structured it this way
AMD wants a bigger share of the AI accelerator market, where Nvidia has long been the incumbent. The warrants give OpenAI and Meta an equity stake that only grows if they keep buying and deploying AMD hardware, and if AMD's stock keeps clearing its targets.
For existing shareholders, the trade-off is up to roughly 19.6% dilution against as much as 12 gigawatts of combined GPU commitments from two of the largest AI buyers. Whether that dilution actually lands depends on chips shipping, customers deploying them, and milestones being hit over the next five years.
Frequently asked questions
What do OpenAI and Meta get under AMD's warrants?
Each company holds a warrant to buy up to 160 million AMD shares at an exercise price of $0.01 per share, or 320 million combined. Both warrants expire in five years. OpenAI's was issued on October 5, 2025, and Meta's on February 23, 2026.
What has to happen for the AMD warrants to vest?
Shares vest in stages as the customers hit purchase milestones and as AMD's stock clears a series of rising price targets, the last of which is $600. Vesting also depends on AMD delivering MI450-series chips on schedule and the customers deploying them. None had vested as of AMD's mid-2026 SEC filings.
How much would the warrants dilute AMD shareholders?
AMD had about 1.63 billion shares outstanding as of late July 2026. Crypto Briefing calculated that fully exercising both warrants would raise that count by roughly 19.6%, while bringing AMD only about $3.2 million in cash.
