Riot Platforms’ financial results spotlight a 15-year, $28B AI campus lease

Riot Platforms’ financial results for the third quarter of 2026 came with the largest lease in its history: a 15-year agreement worth approximately $28 billion with a leading Frontier AI Lab for its entire Corsicana campus. Reported on November 4, 2026, the deal covers 910 megawatts of critical IT capacity, while quarterly mining revenue fell despite higher bitcoin production.

Key takeaways

• Corsicana’s lease provides approximately $1.8 billion in average annual rent.
• Quarterly revenue reached $181.4 million, up 1% year over year.
• Riot currently expects no equity issuance to fund its announced projects.
• Bitcoin sales generated approximately $1.5 billion during the first nine months of 2026.

Corsicana lease adds 910 MW of contracted capacity

The triple-net powered land lease covers 910 MW across 332 contiguous acres. Its approximately $28 billion initial-term value includes contractual rent increases; total value would reach approximately $54 billion if the tenant exercises both five-year extension options.

Riot estimates a roughly 99% net operating income margin, translating to approximately $1.8 billion in average annual net operating income over the initial term. Rent applies to the full capacity regardless of utilization.

Riot will supply the land, power infrastructure and powered pads, retaining ownership and maintenance responsibility for high- and medium-voltage infrastructure. The tenant will buy, install, own and operate the modular computing equipment and pay substantially all operating expenses, including power.

Including its AMD agreement and the same AI lab’s earlier Rockdale lease, Riot has contracted 1,151 MW and approximately $38 billion in data center revenue. CEO Jason Les said those agreements are expected to generate more than $2 billion in average annual net operating income at full deployment.

Riot Platforms’ financial results show a changing revenue mix

Revenue totaled $181.4 million for the three months ended September 30, 2026, compared with $180.2 million a year earlier. Growth in data centers and engineering offset lower bitcoin mining revenue.

The data center segment generated $18.4 million in revenue, comprising $7.7 million from base rent, $0.5 million from variable lease revenue, and $10.2 million from tenant fit-out reimbursements. This figure captured the first complete quarter following the delivery of the stabilized 25 MW to AMD.

Mining revenue declined to $116 million from $160.8 million. Riot attributed the drop primarily to an average bitcoin price of $70,855, versus $114,361 a year earlier, partly offset by a 16% production increase. Output rose to 1,637 bitcoin from 1,406.

The average mining cost, excluding depreciation, fell to $39,265 per bitcoin from $46,324, reflecting lower power costs and higher production. Power curtailment credits totaled $24.7 million, equivalent to $15,067 per bitcoin mined. Including miner depreciation, the cost was $78,805 per bitcoin.

Engineering revenue increased to $47 million from $19.1 million, driven by third-party data center demand for custom electrical equipment.

Riot Platforms’ financial results also showed $950.2 million in cash and bitcoin at quarter-end. That included $748.2 million in cash, with $79.2 million restricted, and 2,418 bitcoin valued at approximately $202 million using the September 30, 2026, bitcoin price of $83,554.

Funding combines existing liquidity and project debt

Riot currently anticipates no equity issuance for its announced projects, citing lower capital requirements and its balance sheet. The company said it raised no equity in 2026.

Corsicana’s projected capital need stands at $5.5 billion, or $6 million per IT MW, roughly half the capital intensity typically required for a Tier 3 build. Riot estimates an approximately 33% unlevered yield on cost. Of this, $2 million per IT MW will cover site work and electrical infrastructure, while the remaining $4 million per IT MW will go toward phased tenant reimbursements following delivery and the start of rent.

Existing liquidity is expected to cover Riot’s cash contribution. Tenant reimbursements are expected to be funded by non-recourse project debt tied to contracted rent. If financing on comparable market terms is unavailable, the tenant will fund those amounts directly and recover them through rent credits.

During the first nine months of 2026, Riot sold 20,264 bitcoin for approximately $1.5 billion, primarily for data center development. The company also terminated and fully repaid its $200 million Coinbase credit facility, freeing up all bitcoin that had been pledged as collateral. Les said future capital allocation will prioritize value per share through development or shareholder returns.

Corsicana’s delivery schedule calls for 400 MW by September 2027, followed by 200 MW in January 2028 and 310 MW in July 2028. Rent for each phase begins within 60 days of that phase’s powered pads being delivered.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.