Riot Platforms announced it has signed a 20-year data center lease agreement with a "leading frontier AI lab" expected to generate roughly $9.1 billion in total contract revenue over the term.
The agreement covers 191 megawatts of IT capacity at Riot's Rockdale campus in Texas and is expected to run through June 2048, according to a company statement.
It includes two five-year extension options that could raise the potential contract value to $16.1 billion.
The delivery will be phased — with the first 96 megawatts targeted for December 2027 and the full 191 megawatts by June 2028.
Riot said it secured a $573 million interim financing facility from Morgan Stanley to cover initial development costs while finalizing an investment-grade credit backstop.
