TLDR
- Riot Platforms (RIOT) stock rose about 14% to $15.49 on Wednesday, after an 18% jump Tuesday.
- Riot signed a 15-year, $28 billion AI data center lease for 910 megawatts in Corsicana, Texas.
- The company sold 10,599 BTC in Q3, cutting its Bitcoin holdings by nearly 79%.
- Q3 revenue rose 1% to $181.4 million, but net income fell to $4.03 million.
- Hut 8 (HUT) stock dropped as much as 22% after a revenue miss.
Riot Platforms (RIOT) stock traded at $15.49 on Wednesday, up about 14%. That follows an 18.41% rally on Tuesday, so the stock has had quite a two-day run.
The move came after Riot announced a $28 billion AI data center lease. It is the largest deal in the company’s history.
The lease runs for 15 years and covers 910 megawatts at Riot’s Corsicana, Texas, campus. That works out to roughly $1.8 billion a year.
$RIOT just signed a $28 billion lease. But the first rent check is about a year away.
Riot is renting its whole Corsicana, Texas campus to an unnamed AI lab for 15 years. That is 910 megawatts of power.
Average rent is about $1.8 billion a year. Riot's total revenue last…
— Michael, CPA (@MikeTheTrader) November 4, 2026
Riot will supply the land and power. The tenant, named as Anthropic in the company’s quarterly filing, will own and run the computing equipment and pay operating costs.
Total capital costs for the project are estimated at $5.5 billion. Riot plans to fund most of it with debt backed by the lease payments, but that financing is not yet in place.
How the Corsicana Lease Will Roll Out
The first 400 megawatts are due in September 2027. Another 200 megawatts follow in January 2028, and the last 310 megawatts are set for July 2028.
Rent begins within 60 days of each delivery. Riot says it does not expect to issue equity for the projects.
The deal lifts Riot’s total leased capacity to 1,151 megawatts. That equals about $38 billion in contracted revenue across three leases signed this year.
Those figures are payments expected over the lease terms. None of that money has been received yet.
CEO Jason Les put the shift in plain terms on the earnings call. A year ago, cash flow tracked the Bitcoin price, he said, and at full deployment nearly all of it will come from long-term leases.
Bitcoin mining at Corsicana could begin winding down in summer 2027, Les added. The site was first built for mining.
Riot’s Bitcoin pile shrank fast along the way. Holdings fell from 11,380 BTC in June to 2,418 BTC in September.
The company mined 1,637 BTC in the quarter but sold 10,599 BTC. Since the start of 2026, it has sold 20,264 coins worth about $1.5 billion, mostly to fund data center builds.
Mixed Quarter Behind the Rally
Third-quarter revenue rose 1% to $181.4 million. Mining revenue slid nearly 28% to $116 million, while data center operations added $18.4 million and engineering added $47 million.
$RIOT PLATFORMS Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $181.4M (Est. $161M) 🟢; +1% YoY
Segment Revenue:
🔹 Bitcoin Mining Revenue: $116.0M (Est. $112.85M) 🟢
🔹 Engineering Revenue: $47.0M (Est. $29.63M) 🟢
🔹 Data Center Revenue: $18.4MOther Q3 Metrics:
🔹 Bitcoin Mined:… pic.twitter.com/s3Bp7tQLkq— Wall St Engine (@wallstengine) November 4, 2026
Net income dropped to $4.03 million, down from $104.5 million a year ago. Riot did trim its average Bitcoin mining cost to $39,265, from $46,324.
Cash stood at $748.2 million at the end of September. Its Bitcoin was worth another $202 million.
Hut 8 (HUT) had a rougher Wednesday. Its stock fell more than 22% at one point after quarterly results.
Revenue dropped 15% to $71.1 million, short of the $75.8 million analysts expected. CFO Sean Glennan blamed asset sales and lower revenue per Bitcoin mined, and cash administrative expenses rose.
Hut 8 has lined up $7.5 billion in project bonds to fully fund two AI data center projects. Neither is producing lease revenue yet.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
