Riot Platforms (NASDAQ:RIOT) shares climbed more than 7% on Friday morning after the Bitcoin mining firm announced it had secured a long-term data center leasing deal with Advanced Micro Devices (NASDAQ:AMD).
Riot said it has entered into a 10-year Data Center Lease and Services Agreement with AMD at its Rockdale Site in Texas. The arrangement calls for an initial rollout of 25 megawatts of critical IT load capacity, to be delivered in stages starting in January 2026 and concluding in May 2026, with the potential to scale up to as much as 200 MW.
The company estimates the agreement will generate roughly $311 million in revenue over the initial contract term. Should AMD exercise all three five-year extension options, total contract revenue could increase to approximately $1 billion.
“This partnership represents a validation of Riot’s infrastructure, development capabilities, the attractiveness of our sites, our readily available power capacity, and our ability to offer innovative solutions to meet the requirements of top-tier tenants,” said Jason Les, CEO of Riot.
Alongside the lease announcement, Riot disclosed that it has completed the fee simple purchase of 200 acres at its Rockdale Site for $96 million. The acquisition was fully funded through the sale of about 1,080 bitcoin from the company’s balance sheet.
Riot noted that the Rockdale Site includes a 700 MW grid interconnection, a dedicated water supply, and fiber connectivity. Following the acquisition, the company now owns and operates more than 1,100 acres and approximately 1.7 gigawatts of power capacity across its two Texas locations.
AMD CIO Hasmukh Ranjan said, “At AMD, advancing high-performance computing and AI requires partners that can match our pace and scale. We’re excited to work with Riot, whose capabilities, power availability, and high-density solutions align with our infrastructure roadmap.”
The initial phase of the project will rely on Riot’s existing infrastructure, with the company set to begin retrofitting an existing building at an estimated cost of $89.8 million.
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