Bitcoin miner Riot Platforms has leased its Corsicana, Texas site for AI computing, the company said Wednesday, Nov. 4, alongside third-quarter earnings. The 15-year deal is valued at about $28 billion. The site has 910 megawatts of capacity.
Riot did not name the tenant in its announcement. A quarterly filing with the U.S. Securities and Exchange Commission lists it as Anthropic.
Combined with two similar leases signed earlier in 2026, the deal brings Riot's long-term contracted AI revenue to $38 billion. To help fund construction, Riot sold 10,599 bitcoin in the third quarter and 20,264 bitcoin since the start of the year.
The first phase of the facility is due for delivery in September 2027, with rent payments starting within 60 days, while Riot plans to wind down bitcoin mining at Corsicana by summer 2027. The company estimates capital costs at $5.5 billion.
Riot CEO Jason Les said, “A year ago, our cash flow depended on the price of Bitcoin, and now, at full deployment of currently executed deals, nearly all of our expected cash flow will be generated from long-term leases with leading players in the AI ecosystem.”
Riot shares rose 13% on Wednesday after the announcement. Rival bitcoin miner Hut 8 moved the opposite way, falling as much as 22% after its own quarterly revenue dropped 15% year over year to $71.1 million, below analysts' estimate of $75.8 million.
Hut 8 Chief Financial Officer Sean Glennan said “the legacy revenue base is no longer the main growth driver, while the larger contracted infrastructure revenues remain tied to delivery milestones.”
