Riot Platforms Secures $28 Billion Deal for AI Infrastructure

Riot Platforms announced a 15-year contract valued at $28 billion for the use of its campus in Corsicana, Texas. The agreement involves providing 910 megawatts of power for an operation focused on artificial intelligence. The company identified Anthropic as the tenant for the space in its quarterly report.

This move marks a strategic shift for the company as it seeks to reduce its sole reliance on Bitcoin mining. Riot intends to utilize the power infrastructure and land originally prepared for crypto assets to meet the growing demand for high-performance computing. The project estimates capital expenditures of $5.5 billion.

To fund the expansion, Riot sold 10,599 Bitcoin units during the third quarter. The company has accumulated a total of 20,264 coins sold throughout this year to enable its new data centers. CEO Jason Les stated that the company's revenue will now primarily come from long-term contracts with the tech sector.

The first phase of the project is scheduled for delivery in September 2027. Bitcoin mining at the site is expected to be phased out by the summer of 2027. Meanwhile, Hut 8 reported results below expectations with a 15% drop in quarterly revenue and a decline in its stock price.