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Riot Platforms’ 191 MW AI Deal — Can A $2.3 Billion Buildout Deliver The Returns?

Riot Platforms’ results for the second quarter of 2026 reflect significant progress in its strategic shift from principally Bitcoin mining toward data center development focused on serving the AI sector. The company successfully executed a substantial 20-year lease agreement with a leading AI lab for 191 megawatts of critical IT capacity at its Rockdale campus, establishing $9.1 billion in total contract revenue with two 5-year extension options potentially increasing the total contracted value to approximately $16.1 billion. This follows an earlier AMD lease, bringing the total contracted data center revenue to about $9.8 billion with high-quality counterparties, marking a transformation of Riot’s assets from Bitcoin mining facilities to advanced, utility-scale data centers. At its Corsicana site, the company has received considerable interest in its fully approved 1 gigawatt utility power capacity and entered into a nonbinding letter of intent covering the entire site with a single prospective tenant.