Riot Platforms reported third-quarter results on November 4, 2026, detailing significant Bitcoin sales and a major expansion of its data center business. The company sold 20,264 Bitcoin during the first nine months of the year for approximately $1.5 billion, with the proceeds directed primarily toward data center development. In the third quarter alone, sales totaled 10,599 Bitcoin as holdings fell from 11,380 coins on June 30 to 2,418 coins on September 30.

The sales volume far exceeded production. Riot mined 1,637 Bitcoin in the quarter, meaning the company sold roughly 6.5 times its quarterly output. Average Bitcoin price realized during the period stood at $70,855, compared with $114,361 a year earlier.

Corsicana Lease Anchors Long-Term Growth

Alongside the financial results, Riot announced a 15-year triple-net powered land lease covering its entire Corsicana, Texas campus. The agreement with a leading Frontier AI Lab provides 910 megawatts of critical IT capacity and carries an estimated initial-term value of approximately $28 billion. Average annual rent is projected near $1.8 billion, including contractual increases. Full exercise of two five-year extension options would raise the total value to about $54 billion.

Riot will provide the land, power infrastructure, and prepared sites. The tenant will purchase, own, and operate the modular computing facilities while covering substantially all operating costs, including power. Rent is due on the full contracted capacity regardless of utilization.

Including an existing AMD agreement and an earlier Rockdale lease with the same AI laboratory, Riot’s contracted critical IT capacity now stands at 1,151 megawatts. Long-term contracted revenue across these deals reaches approximately $38 billion. At full deployment the company projects average annual net operating income above $2 billion.

Capital Structure and Delivery Timeline

Development spending for the Corsicana project is estimated at $5.5 billion, or $6 million per megawatt of IT capacity—roughly half the capital intensity of a typical Tier 3 facility. Of that amount, $2 million per megawatt covers site preparation and electrical infrastructure. The remaining $4 million per megawatt consists of phased reimbursements to the tenant once each stage enters service and begins generating rent.

Riot expects existing liquidity to fund its portion of the outlay. Tenant reimbursements are planned to be financed through non-recourse project debt linked to the contracted rent stream. If market financing on comparable terms is unavailable, the tenant will advance the funds and recover them via future rent credits. The company stated it does not currently anticipate issuing equity for the announced projects and raised no equity during 2026.

Phased delivery is scheduled as follows: 400 megawatts by September 2027, an additional 200 megawatts in January 2028, and the final 310 megawatts in July 2028. Rent for each phase begins within 60 days of powered-pad delivery.

Quarterly Financial Performance

Total revenue for the three months ended September 30 reached $181.4 million, compared with $180.2 million in the year-earlier period. Growth in data-center and engineering operations offset weaker mining results. Bitcoin mining revenue declined about 28 percent to $116 million. Data-center revenue contributed $18.4 million, including $7.7 million in base rent and $10.2 million in tenant fit-out reimbursements. Engineering revenue rose to $47 million from $19.1 million, driven by third-party demand for custom electrical equipment.

Average cost to mine one Bitcoin, excluding depreciation, fell to $39,265 from $46,324 a year earlier. Power-curtailment credits of $24.7 million, equal to $15,067 per Bitcoin mined, supported the improvement. Including miner depreciation, the cost stood at $78,805 per Bitcoin.

At quarter-end Riot held $748.2 million in cash, of which $79.2 million was restricted, together with 2,418 Bitcoin valued at approximately $202 million based on the September 30 price of $83,554. Combined cash and Bitcoin totaled roughly $950.2 million. The company also fully repaid and terminated its $200 million Coinbase credit facility, releasing all previously pledged Bitcoin collateral.

Net income for the quarter was $4.03 million, down from $104.5 million in the prior-year period. Adjusted EBITDA measured $191.3 million.

Balance-Sheet and Strategic Positioning

The Bitcoin sales and facility repayment leave Riot with a clean balance sheet and substantial liquidity to advance its data-center pipeline. Management indicated that future capital allocation will focus on maximizing value per share through continued development or potential shareholder returns. Mining operations continue in parallel, with production higher year over year even as revenue from that segment remains sensitive to Bitcoin price movements.

The combination of large-scale contracted AI capacity, a lower capital intensity model, and the conversion of Bitcoin holdings into development funding marks a clear shift in Riot’s business mix toward long-term infrastructure leases.