Bitcoin miner Riot Platforms has signed a 191-megawatt data center lease with an unnamed frontier AI lab expected to generate $9.1 billion in gross contract revenue over a 20-year base term. The build requires $2.1 billion to $2.3 billion in capital spending, with a $573 million interim facility administered by Morgan Stanley Senior Funding as initial bridge financing. The company sold 9,665 Bitcoin for $732.5 million in the first half of 2026 and plans to use continued treasury sales as the primary equity source, with 51.2% of its holdings already pledged as collateral. Cost to mine one Bitcoin was $49,912 in the second quarter, below the $71,667 production value. Two tenant-controlled extensions could lift projected gross contract revenue to $16.1 billion if both are exercised.
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