Riot Platforms signs $9.1 billion, 191 MW AI lease at Rockdale, signs LOI for 1 GW Corsicana site: Q2 Earnings

Riot Platforms signs $9.1 billion, 191 MW AI lease at Rockdale, signs LOI for 1 GW Corsicana site: Q2 Earnings

William Foxley

Mon, August 10, 2026 at 11:36 PM GMT+3 3 min read

• RIOT +4.33%

Riot Platforms (NASDAQ: RIOT) entered into a 20-year agreement at its Rockdale, Texas, campus covering 191 MW of critical IT capacity with an unnamed frontier AI lab. Riot also said second-quarter revenue came in at $174.2 million, a 14% increase from $153 million a year earlier.

Riot CEO Jason Les further stated on Monday's earnings call that the firm had signed a LOI with an unnamed tenant at the Corsicana facility, a 1 GW facility in Texas.

The Tier 3 data center, built to suit, is expected to bring in about $9.1 billion of contract revenue through June 2048. Riot put cumulative NOI at $7.3 billion to $8.2 billion over the base term, equal to average annual NOI of $365 million to $411 million.

The tenant can exercise two five-year extensions that would increase potential contract value to about $16.1 billion. Riot expects to deliver the first 96 IT MW in December 2027 and the full 191 IT MW by June 2028, using Rockdale's existing approved interconnection. Morgan Stanley is providing $573 million of interim financing for initial development costs while Riot finalizes an investment-grade credit backstop.

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AMD deployment reaches 25 MW

During the quarter, Riot wrapped up AMD's last 20 MW of initial deployment, putting 25 MW of commissioned critical IT capacity online. Work is now under way on another 25 MW, with 10 MW slated for November 2026 and 15 MW due in May 2027.

The AMD expansion will bring that tenant's contracted capacity to 50 MW. Combined with the new 191 MW agreement, Riot now has 241 MW of contracted critical IT capacity and approximately $9.8 billion of expected revenue under the initial contract terms.

Riot CEO Jason Les called the new agreement "a defining moment in our evolution into a leading developer of large-scale data centers." The AI lab is Riot's second data-center tenant at Rockdale, following the AMD agreement announced in January.

Data-center revenue grows

Data Center revenue totaled $23.2 million in the second quarter, including $4.9 million from operating leases and $18.3 million from tenant fit-out services. Bitcoin Mining revenue declined to $113.7 million from $140.9 million, while Engineering revenue rose to $37.3 million from $10.6 million.

Riot reported a net loss of $237.2 million, compared with net income of $219.5 million in the year-earlier quarter. Adjusted EBITDA was negative $69.7 million, versus positive $495.3 million a year earlier.

The company ended June with more than $1.2 billion of liquid assets. That included $548.9 million in cash and 11,380 bitcoin valued at about $666 million, with 5,821 bitcoin pledged as collateral.

Riot mined 1,587 bitcoin, compared with 1,426 a year earlier. Its cost per bitcoin excluding depreciation rose to $49,912 from $48,992, while the cost including depreciation was $90,631 against a production value of $71,667 per bitcoin.

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Riot said its lease projections and delivery timetable remain subject to construction delays, supply-chain constraints, financing risks and changes in tenant demand.