AMD reported a $1.097 billion change in the fair value of customer warrant liabilities for the third quarter of 2026, which ended September 26. The company announced the result on November 3. The amount was an accounting remeasurement, not a cash payment to OpenAI or Meta, and AMD reported it as one aggregate figure rather than splitting it between the customers. The adjustment was $0.66 per diluted share; the comparable Q2 line was zero. AMD’s Q3 results
A warrant is a right to buy shares under specified conditions. When the estimated value of those rights changes, the liability AMD records can be remeasured. AMD CFO Jean Hu said the Q3 change reflected AMD’s higher share price and revised estimates of the likelihood that warrant conditions would be met. Hu also said the charges would not affect non-GAAP results or free cash flow.
What the OpenAI and Meta warrants require
AMD’s filings describe warrants for up to 160 million shares each, exercisable at $0.01 per share. The arrangements include binding initial GPU purchase commitments, while full vesting depends on larger purchase milestones. Both filings also specify stock-price thresholds that rise to $600 for the final tranche. OpenAI warrant filing · Meta warrant filing
| Term | OpenAI warrant | Meta warrant |
| Maximum shares and exercise price | Up to 160 million AMD shares at $0.01 per share | Up to 160 million AMD shares at $0.01 per share |
| Initial binding purchase commitment | 1 gigawatt of AMD Instinct MI450 Series GPU products | 1 gigawatt-equivalent of specified AMD Instinct GPU products |
| Purchase condition for full vesting | 6 gigawatts of AMD Instinct GPU products | 6 gigawatt-equivalent of specified AMD Instinct GPU products |
| Final-tranche share-price threshold | Thresholds escalate to $600 per AMD share | Thresholds escalate to $600 per AMD share |
| Expiration date | October 5, 2030 | February 23, 2031 |
The initial one-gigawatt commitment is distinct from the six-gigawatt purchase condition for full vesting. Both filings also describe additional technical and commercial conditions before exercise. The warrants are rights to purchase shares, not shares already issued.
What AMD said about Helios use
AMD said OpenAI and Meta were among the organizations running models and workloads on its first Helios rack-scale systems. That is the company’s disclosed operational-use context alongside the agreements’ purchase milestones.
