Riot Platforms Stock Jumps 13% on $28 Billion AI Lease While Hut 8 Shares Plunge

Two bitcoin miners moving into AI infrastructure saw very different reactions on Wednesday. Riot Platforms shares climbed more than 13% after it signed its biggest data center deal yet, while Hut 8 dropped as much as 22% on weak quarterly numbers.

Riot Platforms Signs Its Largest AI Data Center Lease

The 15 year agreement covers 910 megawatts at the Corsicana, Texas site and is worth about $28 billion. Together with two earlier leases this year, Riot now has roughly $38 billion in contracted data center revenue. Riot supplies the land and power built for mining, and the tenant, named as Anthropic in the company’s filing, owns the computing equipment and pays operating costs. CEO Jason Les said almost all expected cash flow will come from long term leases once current deals are fully running.

Funding, Timeline and Mining Wind Down

Capital costs are put at $5.5 billion, mostly through debt backed by lease payments, though that financing is not yet secured. The first phase is due in September 2027, with rent starting within 60 days. Third quarter revenue was $181.4 million, up 1%, and Riot sold 10,599 BTC to help pay for the buildout. Mining at Corsicana may begin winding down in summer 2027.

Hut 8 Revenue Falls Short Before Big Leases Start Paying

Hut 8 reported third quarter revenue down 15% to $71.1 million, below the $75.8 million analysts expected. CFO Sean Glennan blamed asset sales and lower revenue per mined bitcoin, and said administrative costs rose.