TLDR
- Riot Platforms locked in a 10-year, $311 million data-center lease with AMD for 25 megawatts at its Texas facility
- Extension options could push the deal’s total value to $1 billion
- RIOT shares jumped 12% and are up over 45% year-to-date in 2026
- The lease validates Riot’s strategic shift from Bitcoin mining to AI data-center operations
- Riot bought the Rockdale site for $96 million using Bitcoin sales and will invest $90 million in retrofits
Riot Platforms shares jumped 12% to $18.55 after the company announced a major data-center lease with Advanced Micro Devices. The deal represents a key win for the former Bitcoin miner’s transition into AI infrastructure.
AMD agreed to lease 25 megawatts of capacity at Riot’s Rockdale, Texas facility under a 10-year contract worth $311 million. The agreement includes three five-year extension options that could boost total value to approximately $1 billion.
The stock has now gained more than 45% in 2026. AMD shares rose 2.3% on the news.
This marks Riot’s first lease with an outside data-center customer. Clear Street analysts said the deal establishes “proof-of-concept” for the company’s high-performance computing business model.
Strategic Pivot Gains Traction
Riot purchased the Rockdale property for $96 million using proceeds from Bitcoin sales. The company plans to retrofit the entire 700-megawatt facility for data-center tenants.
The shift came after activist investor Starboard Value took a position in late 2024 and pushed for the conversion. AI companies are hunting for operators with fast power grid access who can deploy capacity quickly.
Riot will spend roughly $90 million on retrofitting work. Management expects the AMD lease to produce an average of $25 million annually in net income.
AMD also secured an option for 75 additional megawatts and first refusal rights on another 100 megawatts at the site.
Analyst Upgrades Follow Announcement
Cantor Fitzgerald maintained its Overweight rating and lifted its price target to $31 from $25. The firm’s analysts said landing this lease demonstrates Riot can execute on building and energizing capacity.
The income per megawatt trails comparable industry deals, Cantor noted. But the per-megawatt capital spending requirements are lower.
Clear Street keeps a Buy rating with a $29 target. The firm lists Riot among its top picks for AI infrastructure plays.
Financial Picture Improving
Riot posted its first annual profit as a public company in 2024 after 22 years. Before this announcement, analysts forecast an $84.4 million loss for 2025 and a $281.2 million loss for 2026.
CEO Jason Les called the partnership validation of Riot’s infrastructure and development capabilities. He pointed to the company’s available power capacity and ability to meet requirements for top-tier tenants.
Riot operates another site under development in Navarro County, Texas with 1-gigawatt capacity. The company intends to convert that facility into a data center as well.
The Rockdale deal gives AMD flexibility to scale its footprint. The chip maker can add substantial capacity through its option and first refusal rights.
Riot funded the Rockdale acquisition by selling approximately 1,080 Bitcoin from its holdings. The company announced the purchase alongside the AMD lease agreement on Friday.
