Riot Seals $28B Land And Power Deal With AI Lab
Bitcoin miner Riot signed a 15 year land and Power lease, lifting its long term contracted revenue to roughly $38 billion.
Key Takeaways
- Third-quarter revenue rose 1% year over year to $181.4 million.
- Riot produced 1,637 Bitcoin in the quarter, up 16% from a year earlier.
- The company said it signed the largest lease in its history and now has about $38.0 billion of long-term contracted revenue tied to leased critical IT capacity.
What Riot Posted
Riot Platforms reported third-quarter results with total revenue of $181.4 million, which it said was a 1% increase year over year. By segment, Bitcoin Mining revenue was $116.0 million, Data Center revenue was $18.4 million, and Engineering revenue was $47.0 million.
The company also said it produced 1,637 Bitcoin in the quarter. Riot said Bitcoin production was partially offset by higher costs, even as output increased 16% from the same period a year earlier. The average cost to mine Bitcoin, excluding depreciation, was $39,265 in the quarter.
| Metric | this period | the same period a year earlier | Change |
|---|---|---|---|
| Revenue | $181.4 million | Up 1% | |
| Bitcoin produced | 1,637 | Up 16% | |
| Bitcoin Mining revenue | $116.0 million | ||
| Data Center revenue | $18.4 million | ||
| Engineering revenue | $47.0 million |
Also Read: Drax Power Station Could Become A £20bn AI Data Center Hub
Lease Deal Takes Center Stage
Riot said it signed a 15-year triple-net powered land lease with a leading Frontier AI Lab at Corsicana. The company called it the largest lease in Riot’s history. Riot said the deal represents about $28.0 billion of total contract value and about $1.8 billion of average annual rent.
After that agreement, Riot said it has now leased 1,151 MW of critical IT capacity, representing about $38.0 billion of long-term contracted revenue. That gives investors another sign of how much Riot is leaning into data center and infrastructure opportunities alongside Bitcoin mining.
Cash Pile And Funding Outlook
Riot ended the quarter with $950.2 million in cash and Bitcoin. In the first nine months of 2026, the company sold 20,264 Bitcoin for proceeds of about $1.5 billion. Riot also said it repaid in full and terminated its $200 million Coinbase credit facility.
The company added a clear message on funding: “we do not currently anticipate issuing equity to fund our announced projects”.
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