Riot Platforms Signs Largest-Ever AI Lease: 910 MW, 15-Year Deal at Corsicana Valued at About $28 Billion

Riot Platforms announced a 15-year lease at its Corsicana, Texas site with an AI lab, covering 910 megawatts of capacity and valued at roughly $28 billion over the term, the largest agreement in the company's history. The deal was disclosed alongside third-quarter results.

For the quarter, Riot reported revenue of about $181 million, up roughly 1% from a year earlier, with profit of around $4 million. The lease is expected to average about $1.8 billion in annual rent, and management has targeted roughly $2.2 billion in annual net operating income and said no new equity would be needed to fund it.

The stock posted its biggest weekly gain in five months after the announcement. Analysts have pointed to timing risks, including a Texas election, while noting that the powered-land structure lowers the company's build costs.