Qualcomm-AWS Deal: Warrant Covers Up to 25M Shares Tied to $60B in Purchases

ryanshrout · x · 2026-09-08

Qualcomm and Amazon signed a multi-generation agreement covering custom AI inference silicon and optical connectivity for AWS data centers.

Deal structure details from ryanshrout's analysis:

AWS pays with a warrant for up to 25 million Qualcomm shares vesting against up to $60 billion in purchases over ten years, at a $161.26 exercise price set 4.4% below the September 4 close — not shares given away cheap.
Only 3.75 million shares vested at signing; the initial commitment value is undisclosed, with remaining vesting tied to binding purchase orders.
AWS has designed its own accelerators via Annapurna Labs for years; Qualcomm joins that supply base on power efficiency and system-level integration.
Qualcomm's SerDes and optical DSP work up to 1.6T matters since optical interconnect ships in every machine.

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