Bitcoin

<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Riot Platforms signed a 15-year, 910 MW triple-net powered land lease for its entire Corsicana campus with a company it described only as "a leading Frontier AI Lab."</li>
 <li>Riot said the lease is worth about $28 billion over the initial term, or about $54 billion if both five-year extensions are exercised, with about $1.8 billion in average annual rent.</li>
 <li>Riot said it sold 20,264 BTC in the first nine months of 2026 for about $1.5 billion, primarily to fund data center development.</li>
</ul>
Bitcoin (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">BTC</a>) miner Riot Platforms has leased its entire Corsicana campus to an unnamed AI lab in a 15-year deal worth about $28 billion, which it called the largest lease in its history.
The 910-megawatt powered land lease is with "a leading Frontier AI Lab," the same tenant that signed a lease at Riot's Rockdale site earlier this year, the company said on Wednesday.
"910 MW. 15 years. One campus," Riot <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/RiotPlatforms/status/2118040735186362411">said</a> on X.<tweet-embed url="https://x.com/RiotPlatforms/status/2118040735186362411"></tweet-embed>
<h2 id="header-1">What the Corsicana Lease Covers</h2>
The lease covers 910 MW of critical IT capacity on a 332-acre parcel and carries about $1.8 billion in average annual rent, including escalators, Riot said in its third-quarter <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.riotplatforms.com/riot-platforms-reports-third-quarter-2026-financial-results-and-strategic-highlights/">results</a>. If both five-year extension options are exercised, the total value rises to about $54 billion.
Under the triple-net structure, Riot delivers the land, power infrastructure and powered pads, while the tenant installs and operates its own computing equipment and bears substantially all operating costs, including power. Rent is payable on the full 910 MW regardless of utilization.
Capacity is due in phases: 400 MW in September 2027, 200 MW in January 2028 and 310 MW in July 2028. Riot put the capital cost at about $6 million per IT megawatt, or $5.5 billion overall, and said it does not currently expect to issue equity to fund its announced projects.
"The structure of this new lease matters as much as the scale," CEO Jason Les said.
<h2 id="header-2">Riot's Bitcoin Sales and Q3 Results</h2>
Riot said it sold 20,264 BTC in the first nine months of 2026 for about $1.5 billion, primarily to fund data center development, and ended September with 2,418 BTC and $748.2 million in cash, including $79.2 million restricted. It also <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/riot-platforms-repays-dollar200m-coinbase-credit-facility-releases-collateral">repaid and terminated its $200 million Coinbase credit facility</a>.
Third-quarter revenue rose 1% to $181.4 million, including $47.0 million from engineering and $18.4 million from data centers, while <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/mining">mining</a> revenue fell to $116.0 million on a lower average Bitcoin price. Riot produced 1,637 BTC in the quarter, up from 1,406 a year earlier.
With Corsicana, Riot has leased 1,151 MW, representing about $38 billion of long-term contracted revenue, the company said. CoinShares said in September that listed <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/proof-of-work-pow">proof-of-work</a> Bitcoin miners' <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/bitcoin-miners-ai-shift-set-to-hold-even-if-btc-prices-recover">shift toward AI is set to hold</a> even if Bitcoin prices recover.
Read More:&nbsp;<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/galaxy-digital-q3-2026-earnings-net-income-data-centers">Galaxy Digital Swings to $323M Q3 Profit on Data Centers Surge</a>

Riot Leases Entire Corsicana Campus to AI Lab in $28B, 15-Year Deal

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