Riot Sold 20,264 Bitcoin to Fund Data Center Buildout in 2026

Riot Platforms sold 20,264 Bitcoin (BTC) during the first nine months of 2026, bringing in about $1.5 billion that it largely directed to data-center construction, as third-quarter revenue rose 1% year over year to $181 million.

Bitcoin mining revenue fell to $116 million from $161 million in the year-earlier quarter. The average Bitcoin price declined to $70,855 from $114,361, while Riot’s mining output increased 16% to 1,637 BTC from 1,406 BTC. Mining cost per coin, excluding depreciation, dropped to $39,265 from $46,324.

Data-center revenue reached $18.4 million, including $7.7 million in base rent in the first full quarter after Riot delivered 25 megawatts of capacity to AMD. Engineering revenue rose to $47 million from $19.1 million. Together, engineering and data centers generated $65.4 million, compared with $116 million from mining. Net income fell to $4.03 million from $104 million, while adjusted EBITDA was $191 million versus $197 million.

Riot signed a 15-year lease with an unnamed leading AI lab for all 910 megawatts of critical IT capacity at its Corsicana campus. The initial term has an estimated contract value of about $28 billion, with average annual rent of about $1.8 billion. Deliveries are scheduled in three phases from September 2027 through July 2028.

The new agreement covers more capacity than Riot’s earlier 191-megawatt, 20-year data-center lease, which has expected initial-term revenue of about $9.1 billion. First deliveries under that lease are planned for December 2027, with full deployment expected by June 2028.

Across its contracts, Riot has 1,151 megawatts of critical IT capacity tied to about $38 billion in contract revenue. The company expects to fund announced projects without issuing shares.

As of Sept. 30, Riot held 2,418 BTC, valued at about $202 million, and $748 million in cash, including $79.2 million in restricted cash.