Riot has signed a $9.8 billion AI data center leasing agreement with two technology companies

According to Pulse 2.0, Riot Platforms has signed AI data center leasing agreements with two major technology clients, involving 241MW of critical IT capacity, corresponding to approximately $9.8 billion in long-term contract revenue. This move will accelerate the company's transition from a Bitcoin mining-centric business model to a large-scale data center developer.

One of the larger agreements is a 191MW custom build lease agreement signed by Riot Platforms with a leading frontier AI laboratory, located at Riot's Rockdale campus. The initial lease term is 20 years, expiring in June 2048, and is expected to generate approximately $9.1 billion in contract revenue.

If the client continues to lease after the initial lease term, the revenue scale from the agreement could further expand. The agreement includes two options for a 5-year renewal; if both renewal options are fully exercised, the potential total contract value will increase to approximately $16.1 billion.

Riot expects that the initial lease term alone will bring in a cumulative net operating income of approximately $7.3 billion to $8.2 billion, equivalent to an average annual contribution of about $365 million to $411 million. The first phase of 96MW is expected to be delivered in December 2027, with the full 191MW planned for deployment by June 2028.