Riot Platforms Signs Landmark Lease, Enhancing Digital Infrastructure
CASTLE ROCK, Colo., Nov. 4, 2026 (GLOBE NEWSWIRE) — Riot Platforms, Inc. (NASDAQ: RIOT) has announced a significant milestone in its operational capacity by securing a 15-year, triple-net powered land lease with a prominent Frontier AI Lab at its Corsicana campus. This agreement encompasses 910 megawatts (MW) of critical IT capacity, translating into a remarkable total contract value of approximately $28 billion, with an anticipated average annual rent of around $1.8 billion over the initial lease term.
Expansion of Capacity and Revenue
With the addition of this new lease, Riot has successfully contracted a total of 1,151 MW of critical IT capacity, expected to yield an impressive $38 billion in long-term revenue. Jason Les, CEO of Riot, emphasized the structural significance of this lease, as it not only represents a major expansion in capacity but also minimizes financial risks associated with procurement and operational processes.
Key Lease Structure Details:
- Capacity Leased: Entire Corsicana campus, comprising 910 MW of IT capacity.
- Total Contract Value: Approximately $28 billion, potentially increasing to $54 billion with five-year extension options.
- Net Operating Income (NOI): Estimated margin of around 99%, yielding approximately $1.8 billion in average annual NOI.
- Capital Requirement: $6 million per IT MW, significantly lower than typical Tier 3 builds.
- Delivery Schedule: 400 MW expected in September 2027, 200 MW in January 2028, and 310 MW by July 2028.
Financial Performance Overview
The company also reported strong financial results for the third quarter of 2026, with total revenue reaching $181.4 million, slightly up from $180.2 million in the same period in 2025. Notably, this growth can be attributed to an increase in data center revenue, specifically:
- Data Center Revenue: $18.4 million, including base rent and tenant fit-out reimbursements.
- Bitcoin Mining Revenue: $116.0 million, impacted by a decrease in the average bitcoin price.
- Engineering Revenue: $47.0 million, driven by heightened demand from third-party data centers.
In total, Riot generated 1,637 bitcoins during the quarter, resulting in a cost to mine each bitcoin, excluding depreciation, of $39,265.
Financial Stability and Future Outlook
As of the end of September 2026, Riot reported cash and bitcoin holdings totaling $950.2 million, including $748.2 million in cash and 2,418 bitcoins valued at approximately $202 million. The company’s recent strategic decision to sell 20,264 bitcoins, totaling around $1.5 billion, was primarily aimed at financing data center development without the need to raise additional equity.
Looking Ahead
Riot’s management plans to allocate capital strategically to maximize shareholder value, whether through ongoing development projects or returning capital to investors. “As these significant contracted cash flows come online, we will allocate our capital with discipline to whichever use creates the most value per share,” said Jason Les.
Upcoming Conference Call
To provide further insights into the company’s financial performance and future strategies, Riot will host a conference call on November 4, 2026, at 8:00 a.m. ET. Interested parties can participate via an audio-only webcast or by calling in with the provided toll-free number.
About Riot Platforms, Inc.
Riot Platforms, Inc. is a leading entity in the digital infrastructure domain, focusing on developing and operating sizable data centers, primarily in central Texas and Kentucky. The company’s mission is to enhance the future of digital infrastructure positively impacting various sectors and communities.
Safe Harbor Statement
This press release contains forward-looking statements that reflect management’s expectations regarding future performance and economic conditions. These statements involve risks and uncertainties that could cause actual results to differ materially. Readers are cautioned not to rely solely on these forward-looking statements.
For media inquiries, please contact:
- Investor Contact: Joshua Kane at IR@Riotplatforms.com
- Media Contact: Becca Rincon at PR@Riotplatforms.com
