$RIOT · Riot Platforms, Inc.
Riot reported Q3 FY2026 revenue of $181.4M, up 1% YoY, and announced a 15-year, 910 MW Corsicana lease with a Frontier AI Lab worth ~$28B total contract value (~$1.8B average annual rent). The company also terminated its NYDIG custodial agreement, moving bitcoin custody to BitGo with no early-termination penalties. Riot ended the quarter with $950.2M in cash and bitcoin and no equity raised in 2026.
- Corsicana lease: 910 MW, 15-year triple-net, ~$28B total contract value, ~$1.8B average annual rent.
- Total contracted data center capacity now 1,151 MW, representing ~$38B long-term contracted revenue.
- Q3 revenue $181.4M, up 1% YoY; Data Center revenue $18.4M, Engineering revenue $47.0M.
- Bitcoin mining revenue fell to $116.0M from $160.8M on lower average BTC price ($70,855 vs $114,361).
- Ended quarter with $950.2M cash and bitcoin; sold 20,264 BTC YTD for ~$1.5B; no equity raised in 2026.
Shares closed +18.41% at $14.02 on the AI lease announcement, then slipped 1.07% to $13.87 in extended hours. The market is rewarding the pivot to contracted AI data center revenue over volatile bitcoin mining.
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Riot joins Core Scientific and Hut 8 in converting bitcoin mining power assets to AI/HPC hosting; its ~$6M per MW capital cost is roughly half a typical Tier 3 build.
Execution risk on the 2027-2028 delivery timeline and reliance on non-recourse project debt; if unavailable, the tenant funds reimbursements via rent credits. Single-tenant concentration at Corsicana and bitcoin price exposure remain.