Executed a 15-year, 910 critical IT MW triple-net powered land lease with a leading Frontier AI Lab at Corsicana, representing approximately $28 billion in total contract value and approximately $1.8 billion in average annual rent over the initial term
Riot has now leased 1,151 MW of critical IT capacity, representing approximately $38 billion of long-term contracted revenue
Sold 20,264 bitcoin year-to-date for approximately $1.5 billion primarily to fund data center development; ended the quarter with $950.2 million in cash and bitcoin, and no equity raised in 2026
Quarterly revenue of $181.4 million, including $18.4 million of Data Center revenue
CASTLE ROCK, Colo., Nov. 04, 2026 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) ("Riot" or "the Company"), a vertically-integrated industry leader in digital infrastructure, specializing in the development and operation of large-scale data centers, reported financial results for the three-month period ended September 30, 2026. The accompanying presentation materials are available on Riot's website.
"Today, we are excited to announce the largest lease in Riot's history: a 15-year triple-net powered land lease with a leading Frontier AI Lab for the entirety of our Corsicana campus, representing 910 megawatts of critical IT capacity and approximately $28 billion of contracted revenue over the initial term," said Jason Les, CEO of Riot. "Together with our AMD contract and the lease signed with the same Frontier AI Lab at Rockdale earlier this year, Riot has contracted 1,151 megawatts and approximately $38 billion of data center revenue, which we expect will generate more than $2 billion of average annual net operating income at full deployment, firmly establishing Riot as a leading developer of large-scale digital infrastructure.
"The structure of this new lease matters as much as the scale. With total capital costs of approximately $6 million per IT megawatt, the Corsicana development will require about half the capital of a Tier 3 build while significantly limiting procurement, development, and ongoing operational risk to Riot. That lower capital requirement, combined with our strong balance sheet, means that we do not currently anticipate issuing equity to fund our announced projects.
"As these significant contracted cash flows come online, we will allocate our capital with discipline to whichever use creates the most value per share, whether that is our development pipeline or returning capital to shareholders."
910 IT MW Powered Land Lease With a Leading Frontier AI Lab at Corsicana
Riot has signed a 15-year triple-net powered land lease with a leading Frontier AI Lab for the entirety of the Company's Corsicana campus, covering 910 MW of critical IT capacity on a contiguous 332-acre parcel.
Transaction highlights:
-- Capacity Leased: Leased the entirety of the Corsicana campus representing
910 MW of critical IT capacity.
-- Total Contract Value: Approximately $28 billion of total contract value
and approximately $1.8 billion of average annual rent, including
contractual escalators. Approximately $54 billion if both five-year
extension options are exercised.
-- NOI Contribution: Estimated NOI margin of approximately 99% under the
triple-net structure, or approximately $1.8 billion of average annual net
operating income over the initial term.
-- Capital Requirement: $6 million per IT MW, or $5.5 billion overall,
approximately half the capital intensity of a typical Tier 3 build,
implying an unlevered yield on cost of approximately 33%. Riot will fund
$2 million per IT MW for site work and electrical infrastructure, while
the remaining $4 million per IT MW will be reimbursed to the tenant in
phases, after each phase is delivered and paying rent.
-- Delivery Schedule: 400 MW in September 2027, 200 MW in January 2028 and
310 MW in July 2028, with rent on each phase commencing no later than 60
days after delivery of its powered pads.
-- Financing: Reimbursements to the tenant are expected to be funded with
non-recourse project debt sized to contracted rent. If financing on
comparable market terms is not available, the tenant will directly fund
the reimbursements, which will be recovered as a credit against rent over
the remaining lease term. Riot's cash contribution is expected to be
funded from existing liquidity, with no requirement to issue equity
currently anticipated.
The lease is structured as a triple-net powered land lease, under which Riot delivers the land, the power infrastructure, and the powered pads, while continuing to own and maintain the high- and medium-voltage infrastructure that will serve them. The tenant will procure, install, own, and operate the modular compute deployment on the powered pads and will bear substantially all operating costs, including power costs as a pass-through. Rent is payable on the full 910 MW irrespective of utilization.
Third Quarter 2026 Financial and Operational Highlights
Key financial and operational highlights for the quarter include:
-- Total revenue of $181.4 million, as compared to $180.2 million for the
same three-month period in 2025, a 1% increase year-over-year as growth
in Data Center and Engineering revenue offset lower Bitcoin Mining
revenue.
-- Data Center revenue of $18.4 million for the quarter, comprised of $7.7
million in base rent, $0.5 million in variable lease revenue, and $10.2
million in tenant fit-out reimbursement revenue, reflecting the first
full quarter of the stabilized 25 MW delivered to AMD.
-- Bitcoin Mining revenue of $116.0 million for the quarter, as compared to
$160.8 million for the same three-month period in 2025, primarily driven
by a lower average bitcoin price of $70,855, as compared to $114,361 in
the prior-year period, partially offset by a 16% increase in production.
-- Produced 1,637 bitcoin, as compared to 1,406 during the same three-month
period in 2025.
-- The average cost to mine bitcoin, excluding depreciation, was $39,265 in
the quarter, as compared to $46,324 per bitcoin in the same three-month
period in 2025, driven by lower power costs and higher production, with
$24.7 million of power curtailment credits, equivalent to $15,067 per
bitcoin mined.
-- Engineering revenue of $47.0 million for the quarter, as compared to
$19.1 million for the same three-month period in 2025, driven by strong
third-party data center demand for custom electrical equipment.
-- Ended the quarter with $950.2 million in cash and bitcoin, including
$748.2 million in cash, of which $79.2 million is restricted, and 2,418
bitcoin, equating to approximately $202.0 million based on the market
price for one bitcoin on September 30, 2026 of $83,554. During the first
nine months of 2026, the Company sold 20,264 bitcoin for proceeds of
approximately $1.5 billion, primarily to fund data center development,
and repaid in full and terminated its $200 million Coinbase credit
facility, releasing all pledged bitcoin.
Conference Call
Riot will host a conference call on November 4, 2026 at 8:00 a.m. ET to discuss its financial results.
This conference call will be available through an audio-only webcast. Please use this link here to register. Participants who choose to dial into the call in the United States or internationally to ask questions, please use this toll-free number: +1 (800) 715-9871 or toll number: +1 (646) 307-1963. For both dial in numbers, the audience passcode is 1817052. A replay of the webcast will be available after the call ends, through this link.
About Riot Platforms, Inc.
Riot Platforms, Inc. (NASDAQ: RIOT) is a leading digital infrastructure company, specializing in the development and operation of large-scale data centers. The Company operates digital infrastructure and bitcoin mining facilities in central Texas and Kentucky, and engineering and fabrication facilities in Denver and Houston.
Riot's vision is to be the world's most trusted platform for powering and building the next digital world. Its mission is to empower the future of digital infrastructure by positively impacting the sectors, networks, and communities the Company touches.
For more information, visit Riot Platforms.
Safe Harbor
Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "believes," "plans," "expects," "intends," "will," "potential," "hope," similar expressions and their negatives are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to: plans to develop data centers, projections, objectives, expectations, and intentions about future events; short-term and long-term business operations and objectives and financial needs; the Company's data center leases at the Rockdale site and the Corsicana site; forecasted demand for energy at the sites; the Company's expansion plans at the site; the Company's anticipated financing plans, and the Company's other plans, projections, objectives, expectations, and intentions more generally. These forward-looking statements are subject to a number of risks and uncertainties that may cause results, performance, or achievements to be materially different from those expressed or
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