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Riot Platforms has signed a 20-year data center lease for 191 megawatts of critical IT capacity at its Rockdale campus in Texas. Riot said the agreement represents approximately $9.1 billion in projected contract revenue through June 2048.
The agreement includes two additional five-year extension options controlled by the tenant. Riot estimates the total potential contract value could reach about $16.1 billion if both extensions are exercised.
Riot Plans Phased 191 MW Deployment
Riot plans to develop a build-to-suit Tier 3 data center for the new tenant at Rockdale. The first 96 MW of critical IT capacity is expected to become available in December 2027, with the full 191 MW scheduled for deployment by June 2028.
Riot estimates the base lease could generate $7.3 billion to $8.2 billion in cumulative net operating income. The company has also secured a $573 million interim financing facility from Morgan Stanley to fund initial development costs while an investment-grade credit backstop is finalized.
Rockdale Adds Second Major Data Center Tenant
The agreement gives Riot its second data center tenant at Rockdale after the company signed a lease with AMD in January. AMD currently has 50 MW of contracted capacity after expanding its original 25 MW agreement, bringing Riot’s total contracted critical IT capacity at Rockdale to 241 MW. Riot CEO Jason Les said:
“The new agreement marks a defining moment in our evolution into a leading developer of large-scale data centers.”
Riot Expands Beyond Bitcoin Mining
Riot’s Rockdale facility has approximately 700 MW of developed capacity and has historically supported Bitcoin mining operations. The company began expanding more aggressively into data center leasing in 2025 as it sought additional uses for its large power portfolio.
The business is already generating revenue outside Bitcoin mining. Riot reported $23.2 million in data center revenue for the second quarter, while Bitcoin mining revenue totaled $113.7 million during the same period.
