Riot Platforms is significantly expanding its data center strategy through a long-term lease at its Rockdale, Texas campus that could ultimately generate as much as $16.1 billion in revenue and up to $8.2 billion in projected net operating income.
The company executed a 20-year lease with a leading frontier AI lab for 191 megawatts of critical IT capacity at Rockdale. The initial term is expected to generate approximately $9.1 billion in contracted revenue. Two five-year extension options could extend the arrangement to 30 years and increase potential cumulative revenue to approximately $16.1 billion. Riot estimates cumulative net operating income of approximately $7.3 billion to $8.2 billion under the extended scenario, equivalent to average annual NOI of about $365 million to $411 million.
The 191-megawatt build-to-suit development is designed as Tier 3 infrastructure. Riot expects to deliver the first 96 megawatts in December 2027, with the full 191 megawatts scheduled for delivery by June 2028. The company also secured $573 million of interim financing from Morgan Stanley to support development.
The agreement follows Riot’s initial deployment for AMD. Riot now has 241 megawatts of capacity under lease with two major AI companies, representing approximately $9.8 billion of contracted revenue before considering extension options on the newest lease. Q2 revenue reached $174.2 million, including $23.2 million from the Data Center segment.
KEY QUOTES:
“In just over six months, Riot has now executed leases totaling 241 megawatts of capacity, representing approximately $9.8 billion of long-term, contracted revenue with two of the most important companies in the AI ecosystem.”
Jason Les, CEO of Riot Platforms
