Riot Platforms announced a 15-year, approximately $28 billion powered-land lease for its Corsicana, Texas, data-center campus on November 4, 2026. A frontier artificial-intelligence laboratory will lease infrastructure supporting 910 megawatts (MW) of critical IT capacity across a 332-acre core parcel. The customer’s identity was not disclosed in Riot’s SEC-filed third-quarter presentation.

The transaction is a major step in Riot’s shift from Bitcoin mining toward contracted AI infrastructure. It is not a 15-year electricity purchase agreement: Riot is providing powered land and electrical infrastructure, while the tenant procures, installs and operates modular computing capacity and reimburses electricity and onsite operating costs under a triple-net structure.

What the 15-year contract covers

Riot projects approximately $28 billion in initial-term contract revenue, including rent escalation provisions, or roughly $1.8 billion in average annual rent. The contract includes two optional five-year extensions that could raise the potential total to approximately $54 billion if both are exercised. These are contracted or contingent future amounts, not recognized revenue from capacity already delivered.

The planned load is approximately 1.0 gigawatt (GW) at the utility level and 910 MW of critical IT load. The difference reflects infrastructure and facility power requirements outside the tenant’s IT equipment. MW measures a rate of power demand or capacity; it does not describe delivered electricity in megawatt-hours (MWh). Without measured operating hours and utilization, a reliable annual MWh consumption figure cannot be inferred from the lease alone.

The company expects its first 400 MW deployment phase to be delivered by September 2027, with remaining phases scheduled for 2028. Project timelines are forward-looking and remain subject to construction and delivery risks.

A $5.5 billion buildout

Riot estimates capital needs of approximately $6 million per IT MW, equal to about $5.46 billion for 910 MW, rounded in the company’s disclosures to $5.5 billion. About $4 million per IT MW would reimburse eligible tenant module expenditures after phases are delivered and rent begins, and up to $2 million per IT MW would cover site and electrical infrastructure. The arrangement is intended to reduce Riot’s exposure to equipment procurement and ongoing operations relative to fully constructing and operating a traditional data center.

Riot expects substantial tenant reimbursements to be supported by nonrecourse project debt, with potential rent-credit mechanisms if financing on comparable terms is unavailable. The company says it does not currently anticipate issuing equity for announced development, but debt-market conditions and capital requirements remain risks.

Bitcoin mining finances the AI transition

Across the new Corsicana contract, its Rockdale agreement and its AMD lease, Riot reports 1,151 MW of contracted critical IT capacity and approximately $38 billion of initial contracted revenue. The separate Rockdale agreement announced in August covers 191 MW over 20 years, with an estimated $9.1 billion initial value.

Riot disclosed selling 20,264 bitcoin during the first nine months of 2026 for approximately $1.5 billion, primarily to finance data-center expansion. It reported $181.4 million in third-quarter revenue, including $18.4 million from data centers, and ended September with approximately $950.2 million in combined cash and bitcoin. These current results should not be confused with projected future rental income.

Earlier BitcoinVersus.Tech reporting covered ERCOT approval of Riot’s 1 GW Corsicana capacity, the company’s repayment of its $200 million Coinbase credit facility, an earlier report on the Rockdale AI lease, and Bitcoin miners’ broader pivot into AI infrastructure. The newly executed Corsicana lease is a distinct agreement.

The questions still outstanding

For investors, the appeal is long-term contracted rent with comparatively limited direct exposure to computing hardware operations. For the local grid, a campus approaching 1 GW presents major transmission, electricity-supply and demand-management questions. A project can be approved for capacity without running at maximum power continuously.

The tenant has not been officially identified, the 2027–2028 delivery schedule is not assured, and the $28 billion headline is not equivalent to profit. Riot projects roughly $1.8 billion of average annual net operating income from the Corsicana arrangement once fully active, but costs, financing, delivery and customer performance may alter realized results. The next milestones will be evidence of phase construction, project financing and energized IT delivery.

Editor’s Note: Figures reflect Riot’s November 4, 2026 announcement and SEC-filed materials. Contract value, annual rent, capital investment, capacity and power consumption are distinct metrics. The facility photography is archival.

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