Riot Platforms pivots to AI with $28B data center lease
7.3 Investments Riot Platforms posted $181.4M Q3 revenue, sold 20,264 BTC for $1.5B, and signed a 15-year, $28B AI lease for its Corsicana campus, signaling a pivot to AI and high-performance computing.
Riot Platforms reported $181.4 million in revenue for Q3 2026, with Bitcoin mining remaining a key revenue stream despite a year-over-year decline. The company sold 20,264 BTC for approximately $1.5 billion in the first nine months of 2026, primarily to fund its data center expansion. Riot entered a 15-year, $28 billion lease for its entire Corsicana campus in Texas with a leading Frontier AI Lab, covering 910 MW of IT capacity. This lease is expected to generate around $1.8 billion in average annual rent and could total $54 billion if extended. Riot’s total contracted data center revenue now stands at about $38 billion, with contracts covering 1,151 MW. As of September, Riot held 2,418 BTC (valued at $202 million) and $748.2 million in cash. The company anticipates that new leases at Corsicana and Rockdale will begin contributing to cash flow from 2027–2028, marking a strategic shift toward AI and high-performance computing infrastructure.
