Riot shares surge on $28B AI lease as Hut 8 sinks on revenue miss
Riot Platforms shares rose more than 13% after it announced a 15-year, 910-megawatt AI data center lease at its Corsicana, Texas, site, valued at $28 billion. The deal lifts future contracted revenue across three leases to about $38 billion and names Anthropic as the tenant. Riot will supply land and power infrastructure; the tenant will provide and operate computing equipment. Riot estimates $5.5 billion in project costs, but financing is not yet secured. Delivery is expected to begin in September 2027, as the company plans to wind down Bitcoin mining at Corsicana. Riot reported third-quarter revenue of $181.4 million and sold 10,599 BTC. Hut 8 shares fell sharply after revenue declined 15% to $71.1 million, despite securing $7.5 billion in bonds for two AI data center projects that have yet to generate lease revenue.
