Riot Platforms signs a 20-year AI data center lease worth $9.1B

@RiotPlatforms has struck one of the largest data center deals in its history, signing a 20-year lease with an undisclosed frontier AI lab for 191 megawatts of critical IT capacity at its Rockdale, Texas campus.

A $9.1 Billion Anchor Tenant

The agreement, announced alongside second-quarter earnings on August 10, 2026, is expected to generate approximately $9.1 billion in total contract revenue over the initial term, which runs through June 2048. Beyond the base term, two five-year extension options could push the total potential contract value to approximately $16.1 billion if fully exercised. Riot estimates the lease will generate average annual net operating income of $365 million to $411 million over the base term.

The new tenant becomes Riot's second at Rockdale, following an earlier lease with Advanced Micro Devices. Combined, the two agreements bring total contracted capacity at the campus to 241 megawatts. Morgan Stanley has provided a $573 million interim financing facility to fund initial development costs. The first 96 megawatts are expected to be delivered in December 2027, with full deployment of 191 megawatts by June 2028.

Q2 Results Beat Estimates, EBITDA Remains Negative

Riot reported second-quarter revenue of $174.2 million, beating analyst estimates of $152.06 million, and representing a 14% increase year-over-year. Revenue was spread across three segments: $113.7 million from $BTC mining, $37.3 million from engineering, and $23.2 million from data center operations. The miner produced 1,587 Bitcoin during the quarter, up from 1,426 in the same period a year earlier.

Despite the top-line beat, profitability remains a work in progress. The company reported an adjusted EBITDA loss of $69.73 million for the quarter. Riot ended the period holding 11,380 $BTC on its balance sheet and $548.9 million in cash. Shares climbed roughly 11% in after-hours trading following the dual announcement.

The Rockdale deal marks a significant step in Riot's broader pivot from pure-play Bitcoin mining toward large-scale AI and data center infrastructure, a shift that has drawn growing interest from hyperscale tenants across the sector.

Sources:
Riot Platforms: Q2 2026 Financial Results and Strategic Highlights (Official Press Release)
Investing.com: Riot Platforms Secures $9.1 Billion AI Data Center Lease
Benzinga: Riot Platforms Stock Surges on Q2 Results, 20-Year Data Center Deal