Riot Platforms Scores $9.8 Billion Data Center Deal with Leading AI Lab

Riot Platforms has taken a significant step towards its transformation from a predominantly Bitcoin-mining business to a large-scale data center developer. The company has signed two major AI data center leases with a total capacity of 241MW, representing approximately $9.8 billion of contracted revenue.

The larger agreement is a 20-year lease at the Rockdale campus, where Riot will deliver 191MW to a leading frontier AI lab. This initial term alone could generate $7.3 billion to $8.2 billion in cumulative net operating income, with an average annual NOI contribution of approximately $365 million to $411 million.

Riot estimates that the entire project could reach a total potential contract value of approximately $16.1 billion if both five-year extension options are fully exercised. Morgan Stanley is providing a $573 million interim financing facility to fund initial development costs, with an investment-grade credit backstop being finalized.