Riot Platforms disclosed on November 4 a 15-year lease for 910 MW of critical IT capacity at Corsicana, with approximately $28 billion of initial-term contract value. Its presentation describes a powered-land structure with the AI-lab tenant installing and operating the computing modules.
Capital follows two workstreams
Riot projects approximately $6 million per IT megawatt of capital expenditure. The presentation divides that between up to $2 million for site and electrical work and $4 million of reimbursement for tenant module costs after delivery and rent commencement.
Financing includes conditional alternatives
The company expects module reimbursements to be funded by non-recourse project debt, with rent credits identified as an alternative if comparable financing is unavailable. That makes financing terms and delivery timing important to the eventual cash-flow profile.
Contract value unfolds over time
The contract’s multi-year value develops as capacity is delivered. Project spending, accepted phases and funding commitments will provide the evidence needed to assess how the proposed capital structure performs.
Image: Riot Platforms / source announcement. Used for source-attributed editorial reporting; rights remain with the owner.
Sources & evidence
Sources describe the announcements and evidence available when this analysis was published. Company claims are attributed; plans and trials are not treated as sustained operation.
