Shares of Riot Platforms surged roughly 11% after the company unveiled a landmark long-term data center lease with AMD, signaling a strategic shift beyond pure Bitcoin mining and into hyperscale AI infrastructure. The rally reflects investor optimism around Riot’s move to monetize its vast power footprint in Texas by hosting high-performance computing workloads for major technology clients.
Riot and AMD Strike Long-Term Hosting Deal
Under the agreement, Riot will host AMD as its first hyperscale tenant at the Rockdale site in Texas. The initial deployment will deliver 25 megawatts of critical IT load, with construction beginning in January 2026 and completion expected by May 2026.
The deal includes significant upside. AMD holds options to expand capacity at the site to as much as 200 MW, turning Rockdale into a large-scale AI and HPC campus. The base 10-year contract is expected to generate about $311 million in revenue, while exercising all extension options could lift the total contract value to approximately $1 billion.
To meet AMD’s high-density computing requirements, Riot is retrofitting an existing building at a cost of $89.8 million, adapting infrastructure originally built for Bitcoin mining to support advanced AI workloads.
Strategic Land Purchase Unlocks Scale
Alongside the hosting agreement, Riot announced the fee-simple acquisition of the 200-acre Rockdale site for $96 million. The purchase was funded entirely through the sale of roughly 1,080 Bitcoin from the company’s balance sheet.
Owning the land outright unlocks the site’s full 700 MW grid interconnection, clearing the way for additional data center expansion. The move also eliminates more than $130 million in long-term lease obligations, improving capital efficiency and long-term optionality.
From Bitcoin Miner to AI Infrastructure Provider
The AMD deal marks a clear pivot in Riot’s business model, positioning the company closer to the AI hosting strategy pioneered by peers such as Core Scientific. Analysts have highlighted Riot’s access to 1.7 gigawatts of fully approved power capacity in tier-one Texas markets as a rare and highly attractive asset for hyperscale tenants.
Crucially, the agreement introduces a stable, multi-year revenue stream that is insulated from the volatility of Bitcoin mining economics. For investors, the shift strengthens Riot’s narrative as a hybrid energy-and-compute infrastructure company rather than a single-cycle crypto miner.
With AI demand accelerating and power availability becoming a key constraint for hyperscalers, Riot’s Texas footprint is increasingly being viewed as strategic infrastructure rather than speculative capacity.