Riot Platforms said it has signed a 20-year lease for 191 MW of critical IT capacity at its Rockdale campus, a deal with a leading frontier AI lab that pushes the company deeper into large-scale data center development. The lease is expected to generate about $9.1 billion in contract revenue over the initial term, and it could rise to about $16.1 billion if two five-year extension options are fully used.
The announcement came as Riot reported second-quarter results for the period ended June 30, 2026, with revenue of $174.2 million, up 14% from a year earlier. Data Center revenue was $23.2 million. For investors tracking riot stock, the lease is the newest proof that the company is turning its power and campus assets into long-term infrastructure contracts instead of relying only on bitcoin mining economics.
Jason Les called the agreement a defining moment for the company and said Riot had completed delivery of the initial 25 critical IT MW to Advanced Micro Devices on time and on budget. He also said the second 25 critical IT MW expansion for AMD was under construction, underscoring that Rockdale is no longer a one-tenant site but the center of a broader shift toward AI infrastructure leasing.
That is also where the numbers get less tidy. Riot said the Rockdale lease alone carries about $9.1 billion in initial contract revenue, yet Les said the company had executed leases totaling 241 MW in just over six months and about $9.8 billion in long-term contracted revenue with two of the most important companies in the AI ecosystem. The company did not spell out how the larger total was calculated, but the gap suggests some combination of timing, services, or revenue assumptions beyond the base lease figure.
Riot’s pitch is straightforward: it says it has multi-gigawatt-scale power capacity that is already approved and energized, in-house data center development expertise, and the ability to build custom infrastructure for demanding computing workloads. The Rockdale agreement, which runs through June 2048 if carried to the end of the initial term, makes that strategy harder to dismiss as theory. What remains unresolved is the identity of the frontier AI lab that has locked in 191 MW at one of Riot’s key campuses, a detail that matters because it would show just how far the company’s tenant base has moved into the center of the AI buildout.
