Riot Platforms Signs $9.8 Billion AI Data Center Leasing Agreements, Accelerating Transition to AI Computing Infrastructure Development

Odaily News – Bitcoin mining company Riot Platforms has announced that it has signed AI data center leasing agreements with two major technology customers, covering 241MW of critical IT capacity and expected to generate approximately $9.8 billion in long-term contract revenue, driving the company's transition from a Bitcoin mining-focused business model to a major AI data center developer.

The largest agreement is a 191MW build-to-suit data center lease with a leading AI lab at Riot's Rockdale campus in Texas, USA. The initial term of the agreement is 20 years, extending through June 2048, and is expected to generate approximately $9.1 billion in contract revenue. If the customer continues to renew after the base term ends, the potential value of the agreement will expand further. The contract includes two five-year renewal options, and if all are exercised, the total contract value is expected to increase to approximately $16.1 billion.

Riot stated that the 191MW project is expected to contribute approximately $7.3 billion to $8.2 billion in cumulative net operating income (NOI) during the initial lease term, with an average annual contribution of approximately $365 million to $411 million. The first 96MW phase of the project is expected to be delivered in December 2027, with all 191MW planned for completion by June 2028.

Meanwhile, traditional Bitcoin mining revenue has declined. In the second quarter, Bitcoin mining revenue fell from $140.9 million to $113.7 million, while engineering business revenue rose from $10.6 million to $37.3 million. The company's total quarterly revenue increased 14% year-over-year to $174.2 million.

As of the end of the second quarter, Riot held more than $1.2 billion in current assets, including 11,380 Bitcoin valued at approximately $666 million and $548.9 million in cash (of which $77.5 million was restricted cash), providing financial support for its AI infrastructure expansion. (pulse2)