BlockBeats News, August 20th, Riot Platforms has signed AI data center leasing agreements with two major tech clients, involving 241MW of critical IT capacity, corresponding to approximately $9.8 billion in long-term contract revenue. This move will accelerate the company's transition from a primarily Bitcoin mining-focused business model to a large-scale data center developer.

One of the larger agreements is a 191MW custom build-to-suit lease agreement that Riot Platforms signed with a leading cutting-edge AI lab, located at Riot's Rockdale campus. The agreement has an initial lease term of 20 years, expiring in June 2048, and is expected to generate approximately $9.1 billion in contract revenue.

If the client continues to lease after the base lease term, the revenue potential of the agreement may further expand. The agreement includes two 5-year renewal options, and if both options are exercised, the potential total contract value will increase to approximately $16.1 billion.

Riot expects to generate a cumulative net operating revenue of approximately $7.3 billion to $8.2 billion during the initial lease term alone, equivalent to an average annual contribution of approximately $365 million to $411 million. The first phase of 96MW is expected to be delivered by December 2027, with the full 191MW planned for deployment completion by June 2028.