Bitcoin · AMD · Wall Street · CryptoSlate
Riot is dumping its Bitcoin to fund a $9.1 billion AI agreement that won’t pay rent until 2027
Compiled by KHAO Editorial — aggregated from 5 sources. See llms.txt for citation guidance.
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Bitcoin miner Riot Platforms has signed a 191-megawatt data center lease with an unnamed frontier AI lab that it expects to generate about $9.1 billion of gross contract revenue over a 20-year base term.
Key facts
- At June 30, Riot reported 11,380 Bitcoin, with 5,821 pledged against a fully drawn $200 million Coinbase Credit facility
- Riot projects $2.1 billion to $2.3 billion of capital spending for the build and assumes that 80% to 90% will come from long-term project debt
- Cost to mine one Bitcoin excluding miner depreciation was $49,912 in the second quarter, or 69.6% of the $71,667 production value
- The projected stack leaves $210 million to $460 million of equity funding before an expected $180 million refinancing tied to its AMD deployment would reduce the estimated equity need to $30 million
Summary
01 Riot expects a 191 MW AI data center lease to generate about $9.1B over a 20-year base term. 02 The build needs $2.1B-$2.3B, with $210M-$460M of equity before planned refinancing could cut that need. 03 Riot’s plan treats Bitcoin sales as the main equity source while debt and backstop financing remain unfinished. Construction cash must arrive much sooner: the first 96 MW is expected to become available in December 2027, when initial rent is expected to commence, and the remaining 95 MW is due in June 2028.