Riot Platforms Signs $28B AI Lease at Corsicana as Bitcoin Sales Fund Data Center Build-Out
Riot Platforms reported third-quarter revenue of $181.4 million and signed a 15-year, 910 MW powered land lease with a Frontier AI Lab at its Corsicana, Texas campus. The company has sold 20,264 Bitcoin this year to fund data center development, and says it does not expect to raise equity for the announced projects.
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The Corsicana Lease
Riot Platforms announced a 15-year triple-net powered land lease with an unnamed Frontier AI Lab covering 910 megawatts of critical IT capacity at its Corsicana campus in Texas. The agreement is valued at approximately $28 billion over the initial term, with average annual rent of around $1.8 billion. Two five-year extension options could raise the contract value to roughly $54 billion, according to the company's disclosure.
The lease lifts Riot's total leased capacity to 1,151 MW and its contracted data center revenue to approximately $38 billion. That figure includes an existing AMD contract and a separate lease with the same AI lab at the company's Rockdale site.
How the Build-Out Is Being Financed
Riot sold 20,264 Bitcoin for approximately $1.5 billion in the first nine months of 2026, and said the proceeds went primarily toward data center development. The company ended September with about $748 million in cash and 2,418 BTC, valued at roughly $202 million. Riot said it has not issued equity this year and does not currently expect to raise equity to fund its announced projects.
The Defiant characterized the sales as a deliberate shift in capital allocation, noting that mining still supplied about 64% of third-quarter revenue even as the company reduced its Bitcoin holdings. Crypto Briefing's coverage gave the same sales figure, so the reported total is consistent across both accounts.
Third-Quarter Results
Riot's third-quarter revenue rose 1% year over year to $181.4 million. Growth in data center and engineering operations offset lower Bitcoin mining revenue. Data centers contributed $18.4 million, engineering generated $47 million, and mining revenue fell to $116 million.
Bitcoin production rose 16% to 1,637 BTC. The average cost to mine one Bitcoin, excluding depreciation, fell to $39,265 from $46,324 a year earlier.
Reporting Discrepancies
The two source reports differ on how the Corsicana lease is characterized. Crypto Briefing describes it as covering the campus broadly, while The Defiant headlines it as covering the entire Corsicana campus. The disclosed figure of 910 MW of critical IT capacity is the more precise description, and the sources do not otherwise contradict each other on the lease terms. Neither source identifies the AI lab by name.
Why It Matters
For Traders
Riot's ongoing Bitcoin sales add supply from a public miner, and the company's cash and BTC balances will be visible in its next filing.
For Investors
Riot is shifting from a pure Bitcoin miner toward a contracted AI infrastructure business, with roughly $38 billion in contracted data center revenue now on the books.
For Builders
A 910 MW lease with a frontier AI lab signals continued demand for powered land and large-scale data center capacity, a factor for teams sourcing compute and energy infrastructure.
This article is for information only and is not financial advice. Read the full disclaimer.
