Reported Earlier: Riot Platforms Signs 15-Year, $28 Billion Powered Land Lease For 910 MW Of AI Data Center Capacity At Corsicana Campus

910 IT MW Powered Land Lease With a Leading Frontier AI Lab at Corsicana

Riot has signed a 15-year triple-net powered land lease with a leading Frontier AI Lab for the entirety of the Company's Corsicana campus, covering 910 MW of critical IT capacity on a contiguous 332-acre parcel.

Transaction highlights:

• Capacity Leased: Leased the entirety of the Corsicana campus representing 910 MW of critical IT capacity.
• Total Contract Value: Approximately $28 billion of total contract value and approximately $1.8 billion of average annual rent, including contractual escalators. Approximately $54 billion if both five-year extension options are exercised.
• NOI Contribution: Estimated NOI margin of approximately 99% under the triple-net structure, or approximately $1.8 billion of average annual net operating income over the initial term.
• Capital Requirement: $6 million per IT MW, or $5.5 billion overall, approximately half the capital intensity of a typical Tier 3 build, implying an unlevered yield on cost of approximately 33%. Riot will fund $2 million per IT MW for site work and electrical infrastructure, while the remaining $4 million per IT MW will be reimbursed to the tenant in phases, after each phase is delivered and paying rent.
• Delivery Schedule: 400 MW in September 2027, 200 MW in January 2028 and 310 MW in July 2028, with rent on each phase commencing no later than 60 days after delivery of its powered pads.
• Financing: Reimbursements to the tenant are expected to be funded with non-recourse project debt sized to contracted rent. If financing on comparable market terms is not available, the tenant will directly fund the reimbursements, which will be recovered as a credit against rent over the remaining lease term. Riot’s cash contribution is expected to be funded from existing liquidity, with no requirement to issue equity currently anticipated.
  
  
  
   

The lease is structured as a triple-net powered land lease, under which Riot delivers the land, the power infrastructure, and the powered pads, while continuing to own and maintain the high- and medium-voltage infrastructure that will serve them. The tenant will procure, install, own, and operate the modular compute deployment on the powered pads and will bear substantially all operating costs, including power costs as a pass-through. Rent is payable on the full 910 MW irrespective of utilization.