Riot Inks $9.1 Billion Lease Deal for Texas Bitcoin Mine

Riot Platforms has signed a massive 20-year lease for its Texas Bitcoin mine campus. The AI data center, which will be operated by one of the world's leading frontier AI labs (unnamed), will generate around $9.1 billion in revenue over two decades.

The agreement calls for Riot to deliver 191 megawatts of computing capacity to the tenant by June 2028, with expected capital expenditures ranging from $2.1 to $2.3 billion. Morgan Stanley is providing a $573 million interim financing facility to fund initial development costs while an investment-grade credit backstop is finalized.

Riot's CEO Jason Les described the deal as 'a defining moment in our evolution into a leading developer of large-scale data centers.' The company has already executed leases totaling 241 megawatts of capacity, representing approximately $9.8 billion of long-term contracted revenue with two key companies in the AI ecosystem.

The lease runs through June 2048 and includes two five-year extension options that would lift its total potential value to about $16.1 billion if exercised.