Riot Platforms Inc. announced strong financial results and a major infrastructure agreement that drove its stock higher in after-hours trading. The company reported second-quarter revenue of $174.2 million, representing a 14% increase from $153.0 million in the prior year and exceeding analyst expectations of $152.06 million.
The primary catalyst for the share price movement was Riot’s execution of a 20-year data center lease with an unnamed frontier artificial intelligence laboratory. The agreement encompasses 191 megawatts of critical information technology capacity at Riot’s Rockdale campus and is expected to generate approximately $9.1 billion in initial contract revenue. The deployment occurs in phases, with the first 96 megawatts targeted to come online in December 2027 and full deployment expected by June 2028. The contract includes two five-year extension options that could increase total value to roughly $16.1 billion.
To support the development of this facility, Riot secured a $573 million interim financing facility from Morgan Stanley while working to finalize longer-term credit arrangements. This lease agreement follows an earlier January accord with semiconductor manufacturer AMD, and together the two contracts now represent 241 megawatts of capacity and approximately $9.8 billion in long-term contracted revenue. During the quarter, Riot completed AMD’s initial 25-megawatt deployment while construction progressed on a second 25-megawatt phase.
Riot’s operational performance remained solid across its business segments. Bitcoin mining generated $113.7 million in revenue, data center operations contributed $23.2 million, and engineering services produced $37.3 million. The company mined 1,587 bitcoin during the period, up from 1,426 a year earlier, though average mining costs rose to $49,912 per bitcoin. At quarter-end, Riot held $548.9 million in cash and 11,380 bitcoin. Shares initially climbed 10.82% to $21.49 following the earnings announcement.
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