In September 2026, AMD shares were reported to have traded between $600 and $630, above the warrants’ final cited $600 share-price threshold. That price condition alone does not satisfy the separate GPU-purchase milestones and other contract requirements for OpenAI and Meta’s warrants.
The reported move above $600 was only one condition
A warrant is a contractual right to buy shares at a set exercise price if its conditions are met. AMD’s warrants for OpenAI and Meta each cover up to 160 million shares at $0.01 per share, but the rights depend on more than AMD’s share price.
The September range was reported above the final cited price threshold. The contracts also tie vesting to GPU-purchase milestones and other conditions. For OpenAI, those include stock-performance thresholds; Meta’s warrant has additional technical and commercial conditions. The reported price range alone does not establish that either company met the other requirements.
The separate OpenAI and Meta warrants
AMD issued OpenAI OpCo, LLC and Meta Platforms, Inc. separate warrants, with a shared maximum of 320 million AMD shares if both warrants vest fully and are exercised. Their initial purchase milestones differ in wording and product scope.
| Warrant holder | Maximum AMD shares | Exercise price per share | Initial purchase milestone | Purchase milestone associated with full vesting | Other stated conditions |
| OpenAI OpCo, LLC | 160 million | $0.01 | Binding commitment for the initial 1 gigawatt; first tranche tied to delivery of the initial 1 gigawatt of MI450 Series GPU products | Purchases scaling to 6 gigawatts | AMD share-price targets up to $600, stock-performance thresholds, and further technical and commercial conditions |
| Meta Platforms, Inc. | 160 million | $0.01 | Binding commitment for the initial 1-gigawatt equivalent; first tranche tied to shipment of that amount of specified Instinct GPU products | Purchases of 6 gigawatts of specified Instinct GPU products | Share-price thresholds up to $600, plus further technical and commercial conditions |
Both companies’ initial commitments cover 1 gigawatt, and the purchase milestone associated with full vesting reaches 6 gigawatts. For OpenAI, the first tranche is tied to delivery of MI450 Series products; for Meta, it is tied to shipment of the specified Instinct GPU products.
A warrant is not ownership of the underlying shares
Vesting means that a portion of a warrant has met its vesting requirements. Exercisability is separate: it is when the holder can use the warrant under its terms. Exercising the warrant and settling it results in shares; simply holding the warrant does not.
Meta’s contract states that vested shares are not exercisable until separate exercise conditions are met. It also says Meta has no stockholder rights solely because it holds the warrant; those rights follow exercise, settlement, and record ownership of the shares.
At $0.01 per share, cash exercise of the full 320-million-share maximum would bring AMD $3.2 million. Both warrants also allow cashless exercise, so that full cash payment is not guaranteed.
The hypothetical effect on AMD’s share count
AMD reported 1,632,475,042 common shares outstanding as of July 29, 2026. If both warrants resulted in the full 320 million shares being added, with no other share-count changes, the total would be 1,952,475,042.
That hypothetical addition would increase the starting share count by about 19.6%. The 320 million new shares would account for about 16.4% of the hypothetical post-issuance total.
