Key facts
- Riot's 15-year lease covers 910 megawatts at its Corsicana, Texas, facility, per the company's earnings release.
- Riot said the Anthropic lease brings total future contracted data center revenue to about $38 billion across three leases.
- Riot estimated project capital costs at $5.5 billion and said financing has not yet been secured.
- Riot sold 10,599 BTC in the third quarter to help finance its data center expansion.
- Hut 8's third-quarter revenue of $71.1 million missed analysts' estimates of $75.8 million, per MarketBeat data.
- Hut 8 said it secured $7.5 billion in project bonds for two AI data centers that have not begun generating lease revenue.
Riot Platforms said it signed a 15-year agreement to lease 910 megawatts of AI data center capacity at its Corsicana, Texas, facility, a deal the company valued at $28 billion. The contract brings Riot's total future contracted data center revenue to about $38 billion across three leases signed in 2026, according to its third-quarter earnings release.
Under the arrangement, Riot will supply land and power infrastructure originally built for Bitcoin mining, while the tenant, identified as Anthropic in the company's quarterly filing, will own and operate the computing equipment and cover operating expenses. Riot estimated total capital costs at $5.5 billion, to be financed mainly through debt backed by lease payments, and said financing has not yet been secured. The first phase is expected in September 2027, with rental payments starting within 60 days of delivery.
CEO Jason Les said on Wednesday's earnings call that at full deployment of executed deals, nearly all of Riot's expected cash flow will come from long-term leases with AI companies rather than Bitcoin mining. Riot reported third-quarter revenue of $181.4 million, up 1% year over year, and said it sold 10,599 BTC during the quarter to help fund the buildout. Les said Bitcoin mining at Corsicana could begin winding down in summer 2027.
Hut 8 reported third-quarter revenue of $71.1 million, down 15% and below analysts' estimates of $75.8 million, according to MarketBeat data. CFO Sean Glennan attributed part of the decline to asset sales and lower revenue per Bitcoin mined, and said cash administrative expenses rose year over year. CEO Asher Genoot said traditional AI data center construction is complex, expensive and slow to deliver. Hut 8 said in its earnings presentation that it has secured $7.5 billion in project bonds to finance two AI data center developments, neither of which has begun generating lease revenue.