Riot Platforms shares are up 27.7% this year, including dividends, after the bitcoin miner signed a 20-year Anthropic lease at its Texas power sites. The shares cost $12.67 at the start of the year and now trade at $18.08. The leases cover up to 1,151 megawatts and an estimated $37.1 billion of potential contracted revenue. They back Riot's shift from volatile bitcoin mining to long-term compute rent. Profit remains the weak spot. Third-quarter 2026 net margin was 2.2%, far below the 12.4% that bullish estimates assumed. The bearish view puts fair value at $11, citing funding costs, heavy depreciation, bitcoin price swings, and project debt tied to its Rockdale and Corsicana builds. The bullish view sets it at $19.21.

Riot Platforms is shifting from Bitcoin mining to leasing AI data center capacity, it said on its third-quarter 2026 earnings call. Across three leases, it has secured 1,151 megawatts (MW) representing about $38 billion in contracted revenue. The largest is a 15-year lease for 910MW at Corsicana, worth about $28 billion, or $54 billion if extensions are exercised. The tenant will own and operate the computing equipment. The $5.5 billion project is expected to yield $1.8 billion in average annual net operating income. Riot plans to fund it mainly with nonrecourse project debt and does not expect to issue equity. It ended September with about $950 million in liquidity. Third-quarter revenue was $181.43 million, above the $161.46 million consensus estimate.

Riot Platforms is shifting from Bitcoin mining to developing digital infrastructure, with nearly all expected cash flow now coming from long-term AI leases. Its 910 MW Corsicana lease is part of a 1,151 MW portfolio. Annual lease revenue is projected to grow from about $23 million in 2026 to $2.3 billion by 2029. The $5.5 billion Corsicana project will be funded with non-recourse project debt and a rent credit mechanism, not new equity. The first 400 MW is due in September 2027, with final delivery by July 2028. Riot repaid its $200 million Coinbase credit facility and sold $1.5 billion of Bitcoin to fund the move. It now holds about 2,400 Bitcoin and has raised no equity in 2026. Engineering revenue more than doubled year over year to $47 million.