Riot Locks 910 MW Corsicana Lease in $28 Billion Deal

The Tip Desk · November 4, 2026 · 4 min read

The digital-infrastructure company booked $181.4 million of third-quarter revenue and now has 1,151 MW of contracted data-center capacity worth about $38 billion.

Riot Platforms (RIOT), a vertically integrated digital-infrastructure company, executed a 15-year triple-net powered land lease with a leading Frontier AI Lab for the entirety of its Corsicana campus, covering 910 megawatts of critical IT capacity on a 332-acre parcel. The company said the deal carries approximately $28 billion of total contract value and about $1.8 billion of average annual rent over the initial term, including contractual escalators.

Chief Executive Jason Les called it the largest lease in Riot’s history. Combined with an AMD contract and a Rockdale lease signed earlier this year with the same lab, Riot said it has now leased 1,151 MW and contracted about $38 billion of data-center revenue, which it expects will generate more than $2 billion of average annual net operating income at full deployment.

The Corsicana structure is a triple-net powered land lease: Riot delivers land, power infrastructure and powered pads and continues to own and maintain high- and medium-voltage equipment. The tenant procures, installs, owns and operates modular compute and bears substantially all operating costs, including power as a pass-through. Rent is payable on the full 910 MW irrespective of utilization. Riot estimated an NOI margin of about 99%, or about $1.8 billion of average annual net operating income over the initial term. If both five-year extension options are exercised, total contract value would be about $54 billion.

Capital intensity is the other feature Les highlighted. Total capital costs of about $6 million per IT megawatt, or $5.5 billion overall, are about half the capital of a typical Tier 3 build, implying an unlevered yield on cost of about 33%. Riot will fund $2 million per IT MW for site work and electrical infrastructure; the remaining $4 million per IT MW is reimbursed to the tenant in phases after delivery. Reimbursements are expected to be funded with non-recourse project debt sized to contracted rent; if comparable financing is unavailable, the tenant funds them and recovers them as a credit against rent. Riot said it does not currently anticipate issuing equity to fund announced projects. Delivery is scheduled at 400 MW in September 2027, 200 MW in January 2028 and 310 MW in July 2028, with rent on each phase starting no later than 60 days after delivery of powered pads.

Third-quarter revenue was $181.4 million, up 1% from $180.2 million a year earlier, as growth in Data Center and Engineering offset lower Bitcoin Mining revenue. Sequential revenue rose from $174.2 million in the second quarter.

Bitcoin Mining revenue was $116.0 million, down from $160.8 million a year earlier, on an average bitcoin price of $70,855 versus $114,361, partially offset by a 16% increase in production. Riot produced 1,637 bitcoin, versus 1,406 a year earlier. Cost to mine one bitcoin excluding depreciation was $39,265, versus $46,324, which the company attributed to lower power costs and higher production, including $24.7 million of power curtailment credits, or $15,067 per bitcoin mined.

Data Center revenue was $18.4 million, comprising $7.7 million of base rent, $0.5 million of variable lease revenue and $10.2 million of tenant fit-out reimbursement, the first full quarter of the stabilized 25 MW delivered to AMD. Engineering revenue was $47.0 million, versus $19.1 million a year earlier, which Riot said was driven by third-party data center demand for custom electrical equipment.

Adjusted EBITDA was $191.3 million, versus $197.2 million a year earlier. Net income was $4.0 million, versus $104.5 million a year earlier.

Riot ended the quarter with $950.2 million in cash and bitcoin, including $748.2 million of cash, of which $79.2 million was restricted, and 2,418 bitcoin worth about $202.0 million at $83,554 on September 30, 2026. In the first nine months of 2026 it sold 20,264 bitcoin for about $1.5 billion, primarily to fund data-center development, and repaid in full and terminated its $200 million Coinbase credit facility. The company said it raised no equity in 2026. AMD’s 25 MW expansion is on time and on budget and scheduled for full delivery in May 2027; Riot said it is finalizing AMD lease bank project financing and a high investment-grade credit backstop, with a Morgan Stanley interim facility in place in the meantime.