Riot Platforms (RIOT) Status update summary

Strategic site acquisition and expansion

• Acquired 200 acres at Rockdale for $96 million, funded by selling 1,080 Bitcoin, converting from a ground lease to full ownership and unlocking 700 MW of fully approved power for immediate data center development.

• Full land ownership eliminates $130 million in future rental payments and lease expiry risk, improving cost profile and asset control.

• Secured easements for potential expansion beyond 700 MW, leveraging proximity to major industrial developments and transmission infrastructure.

• Now manages over 1,100 acres and 1.7 GW of power capacity across two Texas sites, anchoring a leading position in the Texas Triangle data center market.

• Ownership secures grid interconnection, water supply, and fiber connectivity for future data center development.

Major data center lease with AMD

• Announced a 10-year, $311 million lease with AMD for a custom-built data center at Rockdale, starting with 25 MW and expansion options up to 200 MW, including rights of first refusal.

• Initial 25 MW delivered in two phases: 5 MW in January 2026, 20 MW in May 2026, using a bespoke, phased retrofit model.

• Lease includes three five-year extension options, potentially totaling $1 billion in contract value.

• Expected average annual NOI of $25 million over the initial term, with retrofit capex for deployment at $89.8 million ($3.6 million/MW).

• Lease structured as a modified gross lease with annual escalators.

Financial and capital allocation strategy

• Capital expenditures for land and data center buildout primarily funded by Bitcoin sales from the balance sheet, avoiding equity financing.

• Over $2 billion in liquidity, including $406 million cash and nearly 20,000 Bitcoin, supports ongoing and future development.

• Project equity financing for current developments requires sale of 3,134 BTC.

• Capital allocation follows a three-phase approach: fund initial development with Bitcoin sales, use project-level debt for tenant-backed CapEx, and recycle capital for compounding growth.

• Initial 25 MW AMD deployment requires under $90 million in capital, with a 10-year contract valued at $311 million.