Riot Blockchain, Inc. Q3 2026 Earnings Recap

Riot’s shares rose 9.6% after it announced a 15-year, triple-net lease covering its full 910 MW Corsicana campus, a deal that shifts more of its expected cash flow toward long-term AI infrastructure contracts. The lease requires substantially less capital from Riot than a Tier 3 build, though the tenant—not Riot—will own and operate the compute deployment.

Key Takeaways

• Riot says the Corsicana lease represents approximately **$28 billion** of revenue over its initial 15-year term, or **$54 billion** if both five-year extension options are exercised.
• Riot expects Corsicana project capital of about **$6 million per IT MW**: $2 million for site work and electrical infrastructure, plus $4 million in tenant reimbursements paid only after each phase is delivered and paying rent.
• The lease supports **910 IT MW** on the same 1 GW of utility load that Riot’s original design expected to support up to 756 IT MW—about 20% more leasable capacity.
• Across three leases with AMD and a frontier AI lab, Riot has contracted **1,151 MW** and approximately **$3.8 billion** in data center revenue, or $7.2 billion if all extension options are exercised. At full deployment, management expects $2.2 billion of average annual NOI and an approximately 28% unlevered yield on cost.
• Riot ended the quarter with **$950 million of total liquidity**, including $748 million in cash and restricted cash and $202 million in Bitcoin. It had just over 2,400 Bitcoin at quarter-end and said it does not currently anticipate issuing equity to fund announced projects.