Riot Shares Jump on $28 Billion AI Lease as Hut 8 Revenue Falls

Riot Platforms’ shares jumped more than 13% Wednesday after it announced a $28 billion, 15-year AI data center lease, while Hut 8’s revenue fell during its own infrastructure shift.

The agreement covers 910 megawatts at Riot’s Corsicana, Texas, site and lifts its future contracted data center revenue to about $38 billion across three leases announced this year. Riot will supply land and power infrastructure developed for mining; Anthropic will own and operate the computing equipment and cover operating costs. Riot estimates the project will cost $5.5 billion, with debt backed by lease payments as its primary planned funding, but financing is not secured.

Riot generated $181.4 million in third-quarter revenue, up 1% year over year, and sold 10,599 Bitcoin (BTC) during the quarter to help fund the expansion.

Hut 8’s third-quarter revenue fell 15% to $71.1 million, below analysts’ $75.8 million estimate, while its shares fell more than 22% at one point Wednesday. Asset sales and lower revenue per BTC mined contributed to the decline, and cash administrative expenses rose year over year.

Hut 8 has secured $7.5 billion in project bonds for two AI data center developments, neither of which has begun generating lease revenue. Riot expects the first phase of its Corsicana project to be delivered in September 2027, with rent starting within 60 days.