At a glance
- Riot values the contract at $28 billion, rising to $54 billion if both five-year extension options are exercised.
- The 910MW will be delivered in three phases: 400MW in September 2027, 200MW in January 2028 and the final 310MW in July 2028.
- For investors underwriting Riot, the unnamed tenant leaves the $28 billion of contracted payments without an identified counterparty.
Riot Platforms signed a 15-year triple-net lease for 910MW of IT capacity with an unnamed AI lab at its Corsicana, Texas, data center, according to Data Center Dynamics.
Riot values the contract at $28 billion, rising to $54 billion if both five-year extension options are exercised.
The 910MW will be delivered in three phases: 400MW in September 2027, 200MW in January 2028 and the final 310MW in July 2028. The lease covers the whole Corsicana campus in Navarro County, about 50 miles southeast of Dallas.
For investors underwriting Riot, the unnamed tenant leaves the $28 billion of contracted payments without an identified counterparty. Jason Les, chief executive, said: "With total capital costs of approximately $6 million per IT megawatt, the Corsicana development will require about half the capital of a Tier 3 build." Across 910MW that implies roughly $5.5 billion of construction spending against $28 billion of contracted revenue over the initial term, or about $2 million per megawatt a year.
Riot said the Corsicana lease and its Rockdale contracts together total 1.1GW and about $38 billion of data center revenue. Les expects that portfolio to generate more than $2 billion of average annual net operating income at full deployment. He said the lower build cost and Riot's balance sheet mean "we do not currently anticipate issuing equity to fund our announced projects."
Les said Riot signed the Rockdale lease with the same lab earlier this year. AMD also leases 50MW at Rockdale, and Anthropic recently signed for 191MW there. Riot, formerly Riot Blockchain, was one of the world's largest bitcoin miners and has been shifting toward AI and HPC data centers since 2024.
Two-thirds of Corsicana's capacity arrives by early 2028
IT capacity delivered per phase, MW, Sept. 2027-Jul. 2028
Show as table
| Label | Value (MW) |
|---|---|
| Sep 2027 | 400 MW |
| Jan 2028 | 200 MW |
| Jul 2028 | 310 MW |
With total capital costs of approximately $6 million per IT megawatt, the Corsicana development will require about half the capital of a Tier 3 buildJason Les, chief executive of Riot Platforms
Reported by the Data centers & fiber desk from Data Center Dynamics. Published . Corrections