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Riot ties AI data center lease financing to continued Bitcoin sales
The deal targets about $9.1 billion in gross contract revenue over 20 years, with initial rent expected to start for 96 MW in December 2027.
Riot Platforms signed a 191-megawatt data center lease with an unnamed frontier AI lab, projecting about $9.1 billion in gross contract revenue over a 20-year base term, according to CryptoSlate. Construction financing is expected to start well before any rent begins, with the first 96 MW slated for availability in December 2027, followed by the remaining 95 MW in June 2028.
The plan still treats Bitcoin sales as a source of construction equity before rent payments begin. Riot projects $2.1 billion to $2.3 billion of capital spending for the build, assuming 80% to 90% would come from long-term project debt, with an additional equity funding gap estimated at $210 million to $460 million that could fall to $30 million to $280 million after an expected $180 million refinancing linked to its AMD deployment.
Riot expects a $573 million interim facility administered by Morgan Stanley Senior Funding for long-lead equipment and development costs. The interim financing bears interest at SOFR plus 2.75% and matures on Oct. 15, 2026, subject to limited extension in certain refinancing circumstances, and the filing does not state whether the full amount is drawn or unconditionally available.
CryptoSlate also notes that Riot said an investment-grade credit backstop is being finalized, without disclosing the provider, amount, conditions, or completion status. At June 30, Riot reported 11,380 Bitcoin, with 5,821 pledged against a fully drawn $200 million Coinbase Credit facility, and it sold 9,665 Bitcoin for $732.5 million during the first half of 2026. The report highlights that Riot’s mining cost measures do not make the treasury sales question go away, since depreciation is a non-cash expense that is not a variable cost Riot can avoid.
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