Riot Platforms reported $181.4 million in revenue for the third quarter of 2026 and announced a 15-year, $28 billion lease for its Corsicana campus in Texas. The deal marks the company's second major data center commitment as it expands beyond Bitcoin mining into AI and high-performance computing.
Quarterly Financials
Q3 revenue rose from the $174.2 million Riot reported in Q2 2026. Bitcoin mining remains the primary revenue driver; in Q2, mining generated $113.7 million, the majority of that quarter's revenue.
Corsicana Campus Details
The Corsicana site holds 1 gigawatt of approved utility power, supporting up to 756 megawatts of IT capacity. Riot had disclosed a non-binding letter of intent for the site in Q2 2026, and securing a tenant there had been flagged as a pivotal item for the company.
Expanding Data Center Footprint
Corsicana follows Riot's earlier 20-year, $9.1 billion lease for 191 megawatts at its Rockdale site with a notable AI lab. Delivery of that Rockdale capacity is set to begin in late 2027.
What to Watch
The new leases at Corsicana and Rockdale are expected to contribute to cash flow gradually, beginning in 2027 to 2028. Riot is also managing a $573 million bridge facility due by December 31, 2026, and refinancing that loan is a key near-term item.
Three markers are worth tracking: how Riot handles the $573 million bridge facility before year-end, whether Rockdale construction stays on track for late 2027 delivery, and how quickly Corsicana moves from signed lease to operational capacity.
