Riot signs $9.1B 20-year AI data center lease for 191 MW at Rockdale; Q2 loss $237M

The company issued a press release announcing its business update and financial results for the second quarter of 2026. The 8-K does not include the actual financial figures in the body text; those details are contained in the attached press release exhibit.

Riot Platforms has entered into a non-binding letter of intent regarding a proposed lease for its Corsicana Facility. The letter of intent is non-binding, meaning the parties have not yet committed to final terms. The 8-K does not disclose the proposed lease terms, counterparty, or financial impact.

Riot reported Q2 2026 revenue of $174.2 million, up 14% year-over-year from $153.0 million. Data Center revenue was $23.2 million (comprising $4.9 million in operating lease revenue and $18.3 million in tenant fit-out services revenue), reflecting the completed delivery of the initial 25 MW to AMD. Bitcoin Mining revenue was $113.7 million, down from $140.9 million in Q2 2025, primarily driven by lower average bitcoin prices and an increase in global network hash rate.

Riot completed delivery of the final 20 MW of AMD's initial 25 MW deployment on time and on budget, converting the lease to recurring revenue. Construction is underway on the 25 MW expansion, with 10 MW Phase 3 on track for delivery in November 2026 and 15 MW Phase 4 to follow in May 2027, at which point AMD's total contracted capacity of 50 MW will be fully deployed.

Riot reported Q2 2026 net loss of $237 million (diluted EPS of negative $0.68) and adjusted EBITDA loss of $70 million on total revenue of $174 million. The net loss reflects several non-cash charges and mark-to-market pricing on Bitcoin held. Revenue increased 14% year-over-year, driven by data center and engineering segments offsetting lower Bitcoin mining revenue amid industry headwinds (average Bitcoin price down to $71,667 from $98,800 in Q2 2025, global network hash rate up 37.9%).

Riot signed a 20-year lease with a leading frontier AI lab for 191 MW of critical IT capacity at its Rockdale campus, expected to generate $9.1 billion in total initial contract revenue. If the tenant exercises two 5-year extension options, total potential contract revenue would reach $16.1 billion. Deployment will occur in two phases: 96 MW by December 2027 (initial rent commencement) and the remaining 95 MW by June 2028. The company secured $573 million interim financing from Morgan Stanley and is finalizing an investment-grade-backstopped financing facility.

Riot delivered the initial 25 MW of data center capacity to AMD in May 2026 on schedule and on budget. AMD exercised its option for an additional 25 MW expansion, now under construction with expected delivery in May 2027. The initial 25 MW deployment generated $4.9 million in operating lease revenue in Q2 2026 with an 84% gross margin, bringing AMD's total contracted capacity to 50 MW. The company expects to refinance the stabilized initial 25 MW with a term loan of approximately $180 million.

Riot disclosed that its Corsicana site (approximately 1 GW capacity) is under a non-binding letter of intent with a single tenant. The company is advancing commercial and design discussions and continuing development and critical-path procurement processes to maintain delivery timelines and derisk future execution. Converting this LOI into an executed lease is identified as a key near-term focus.

Riot maintained total liquidity of $1.2 billion as of June 30, 2026, comprising $666 million in Bitcoin (1,587 BTC held, valued at $58,527 per BTC) and $549 million in cash (including $77.5 million restricted cash and 5,821 restricted Bitcoin). The company continues to sell Bitcoin inventory as the primary funding source for the equity component of data center capital expenditures, avoiding the need for new equity issuance while extending its balance sheet runway.