Riot will provide land and power infrastructure originally developed for Bitcoin mining, while the AI tenant, identified as Anthropic in the company’s quarterly filing, will own and operate the computing equipment and cover operating expenses.
According to Riot’s third-quarter earnings release, Riot will provide land and power infrastructure originally developed for Bitcoin mining, while the AI tenant, identified as Anthropic in the company’s quarterly filing, will own and operate the computing equipment and cover operating expenses. Riot estimates the project’s total capital costs at $5.5 billion, financed primarily through debt backed by lease payments, although financing has not yet been secured.
The first phase is expected to be delivered in September 2027, with rental payments beginning within 60 days of delivery. Riot also reported third-quarter revenue of $181.4 million, up just 1% year over year, and sold 10,599 BTC during the quarter to help finance its data center expansion. During Wednesday’s earnings call, CEO Jason Les said Bitcoin mining at Corsicana could begin winding down in summer 2027.
Related: Bitcoin miners face widening AI financing costs as lenders scrutinize deals Meanwhile, shares of fellow Bitcoin miner Hut 8 plunged more than 22% at one point on Wednesday after the company reported weaker-than-expected quarterly revenue amid its transition toward AI infrastructure. Third-quarter revenue fell 15% to $71.1 million, missing analysts’ estimates of $75.8 million, according to MarketBeat data. During Wednesday’s earnings call, CFO Sean Glennan attributed the decline partly to asset sales and lower revenue per Bitcoin mined, while cash administrative expenses also rose year over year. “The legacy revenue base is no longer the main growth driver, while the larger contracted infrastructure revenues remain tied to delivery milestones,” Glennan said.