Bitcoin miner Riot signs a $28bn AI-campus lease
Riot announced a 15-year lease for its Corsicana campus on 4 November, covering 910 megawatts of critical IT capacity. The roughly $28 billion figure is contracted value over the initial term, not money received today.
The tenant is described as a leading frontier AI laboratory but is not named. Riot supplies the powered land and electrical infrastructure; the tenant installs and operates the computing equipment. It is a substantial new use for a site belonging to a company best known for Bitcoin mining.
Delivery is scheduled in three phases: 400 megawatts in September 2027, 200 in January 2028 and 310 in July 2028. Rent begins for each phase after delivery, subject to the contract’s timing provisions. The campus is therefore a development commitment rather than 910 megawatts of AI capacity already earning rent.
Riot estimates total capital requirements at about $5.5 billion. Its presentation sets out project-debt and tenant-funded reimbursement routes, with different effects on future rental receipts. Readers comparing the headline contract value with quarterly revenue need to allow for that construction timetable and financing structure.
The new tenant brought a tiny suitcase. Unfortunately, his plug required its own removal van.
The receipts
Worth passing round?
Send the story to a friend, or take Bumpy’s illustrated verdict with you.
Have a question about this?
Take this story into our Telegram community. Bring a source, a question or a well-placed eyebrow.
Opens the community invite. Paste the story link into the conversation; nothing is sent automatically.This is the 5 November 2026 edition. Facts may have developed since publication. Read the latest briefing →
