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Riot shares jump on $28bn AI lease as Hut 8 falls on revenue miss

Riot Platforms rose more than 13% after signing a 15-year, 910MW AI data centre lease at Corsicana, Texas, while Hut 8 dropped as much as 22% on weaker quarterly revenue.

Why it matters: The results show how Bitcoin miners' fortunes now hinge on AI data centre deals, with Riot's shares lifted by contracted lease revenue and Hut 8 punished while its projects await delivery.

InvestIn.News NewsDesk · 1 min read
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Picture from Cointelegraph for: Riot shares jump on $28bn AI lease as Hut 8 falls on revenue miss
Image: Cointelegraph
Original reporting: Nate Kostar, Cointelegraph

Key points

  • Riot's 15-year lease covers 910MW at Corsicana and lifts its contracted data centre revenue to about $38bn across three deals
  • Riot reported third-quarter revenue of $181m, up 1% year on year, and sold 10,599 BTC to help fund expansion
  • Hut 8's third-quarter revenue fell 15% to $71.1m, missing analysts' $75.8m estimate, per MarketBeat

Riot Platforms shares rose more than 13% on 4 November after the Bitcoin miner announced a $28bn AI data centre lease, its largest to date. The 15-year deal covers 910 megawatts at its Corsicana, Texas, site and brings Riot's total future contracted data centre revenue to roughly $38bn across three leases signed in 2026, Cointelegraph reports.

Under the agreement, Riot supplies land and power infrastructure originally built for Bitcoin mining, while the tenant, named as Anthropic in the quarterly filing, owns and runs the computing equipment and covers operating costs. Riot puts total capital costs at $5.5bn, to be financed mainly through debt backed by lease payments, though that financing has not yet been secured. The first phase is due in September 2027, with rent starting within 60 days of delivery.

Fellow miner Hut 8 fell more than 22% at one point on Wednesday after third-quarter revenue dropped 15% to $71.1m, below analysts' $75.8m estimate.

Read the full story on Cointelegraph

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How this was produced: an AI model wrote this summary of Cointelegraph’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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