Update
Riot Platforms AI Data Center Lease Surges Shares
Riot Platforms, a Bitcoin miner, saw its shares surge over 13% on Wednesday after announcing a $28 billion AI data center lease, its largest to date. The 15-year agreement covers 910 megawatts at its Corsicana, Texas, facility, bringing its total future contracted data center revenue to approximately $38 billion. The company's CEO, Jason Les, stated that the agreement represents a major step in Riot's AI infrastructure strategy, moving away from Bitcoin mining revenue. Riot will provide land and power infrastructure for the AI tenant, Anthropic, which will own and operate the computing equipment and cover operating expenses. The project's total capital costs are estimated at $5.5 billion, financed primarily through debt backed by lease payments.