Riot shares surge on $28B AI lease as Hut 8 sinks on revenue miss
Bitcoin miner Riot sold BTC to finance its AI expansion, while Hut 8 reported falling revenue and rising costs before its major data center leases generate income.
Bitcoin miner Riot sold BTC to finance its AI expansion, while Hut 8 reported falling revenue and rising costs before its major data center leases generate income.
Shares of Bitcoin miner Riot Platforms surged more than 13% Wednesday after the company announced a $28 billion AI data center lease, its largest agreement to date as it accelerates its expansion into artificial intelligence infrastructure.
The 15-year agreement covers 910 megawatts at its Corsicana, Texas, facility, bringing its total future contracted data center revenue to approximately $38 billion across three leases signed this year. The agreement represents a major step in Riot’s AI infrastructure strategy as it moves away from relying primarily on Bitcoin mining revenue.
Riot also reported third-quarter revenue of $181.4 million, up just 1% year over year, and sold 10,599 BTC during the quarter to help finance its data center expansion. During Wednesday’s earnings call, CEO Jason Les said Bitcoin mining at Corsicana could begin winding down in summer 2027.