Riot is dumping its Bitcoin to fund a $9.1B AI deal that won’t pay rent until 2027
Riot Platforms signed a 191-megawatt data center lease with an unnamed frontier AI lab, with expected gross contract revenue of about $9.1 billion over a 20-year base term, or up to about $16.1 billion if two tenant-controlled extensions are exercised. The first 96 MW is expected to come online in December 2027 and the remaining 95 MW in June 2028, so near-term construction financing is still required before rent begins. Riot estimates $2.1 billion to $2.3 billion of build capex, assuming 80% to 90% will be funded with long-term project debt, though that debt is not yet disclosed as closed. It has a $573 million interim facility from Morgan Stanley Senior Funding for early development costs, plus a planned investment-grade credit backstop still being finalized. After expected refinancing tied to its AMD deployment, the remaining equity need is estimated at $30 million to $280 million. Bitcoin sales remain the main planned equity source. As of June 30, Riot held 11,380 bitcoin, with 5,821 pledged against a $200 million Coinbase facility, and sold 9,665 bitcoin for $732.5 million in the first half of 2026.
