Riot Platforms signs $28 billion 15‑year AI lease for Corsicana campus
+3 new sources since this summary was written
Riot Platforms announced a 15‑year triple‑net powered land lease for its entire 910 MW Corsicana campus to a leading frontier AI lab, with a total contract value of about $28 billion and average annual rent of roughly $1.8 billion. The lease was disclosed alongside Q3 2026 results showing revenue of $181.4 million, up 1% YoY, while Bitcoin mining revenue fell 28% to $116.0 million. Net income dropped to $4.0 million from $104.5 million a year earlier. The company did not identify the tenant but highlighted that the rent is payable regardless of utilization.
Why it matters
The lease provides Riot with long‑dated, high‑margin cash flow that could offset weaker mining earnings, according to the company’s press release. Analysts note that the signed AI tenant differentiates Riot from peers, contributing to a 20% share price jump.
Key facts
- 1The lease covers 910 MW of critical IT capacity at Riot’s Corsicana campus. stocktitan.net
- 2Total contract value of the lease is approximately $28 billion. stocktitan.net
- 3Average annual rent under the lease is about $1.8 billion, including escalators. stocktitan.net
- 4Q3 2026 revenue was $181.4 million, a 1% increase from $180.2 million a year earlier. stocktitan.net
- 5Bitcoin mining revenue fell 28% to $116.0 million, while the average price of mined Bitcoin was $70,855. stocktitan.net
- 6Net income declined to $4.0 million from $104.5 million a year earlier. finance.yahoo.com
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.