Riot Platforms leases its whole 910 MW Corsicana campus to an unnamed frontier AI lab for about $28bn
The 15-year powered land lease, announced with third-quarter results, brings Riot's contracted data-centre revenue to about $38bn; the tenant is not named.
Why it matters
Riot is one of several bitcoin miners turning power-connected sites into AI data centres, and this is the largest lease in its history. Riot says the tenant is the same frontier lab that leased its Rockdale site earlier this year, but does not name it. Because the lab rents powered land and builds its own halls, Riot's capital cost is about $6 million per IT megawatt, roughly half a typical Tier 3 build. Watch for the tenant's identity and when the first capacity is delivered.
Key facts
- 15-year lease, 910 MW of critical IT capacity
- About $28bn total contract value; about $1.8bn average annual rent
- About $54bn if both five-year extensions are exercised
- 1,151 MW now contracted, about $38bn of revenue
- Capital cost about $6m per IT MW, $5.5bn overall
- Q3 revenue $181.4m