Crypto
Riot Platforms Leases $9 Billion for AI Data Centers
Riot Platforms, a company once known primarily for its Bitcoin mining operations, has transformed into an elite-tier data center landlord after inking a $9.1 billion lease with a leading frontier AI lab.
The 20-year contract, which includes two five-year extension options, could reach $16.1 billion and vaults Riot from a miner to an infrastructure giant.
The Rockdale, Texas site will host 191 megawatts of critical IT capacity, with an illustrative NOI margin of 80-90% and CapEx of $11-$12 million per IT megawatt.
Annual average revenue is estimated at $457 million, with $365-$411 million in annual NOI. The combined Rockdale campus now projects $416-$462 million in average annual NOI across 241 MW.