Riot Platforms, Inc. (NASDAQ: RIOT) reported second-quarter 2026 revenue of $174.2 million, a 14% increase from $153.0 million in the same period a year earlier, according to a company press release. The quarter ended June 30, 2026.

Subsequent to quarter end, Riot executed a 20-year data center lease with an unnamed frontier AI lab for 191 megawatts of critical IT capacity at its Rockdale, Texas campus. The lease runs through June 2048 and is expected to generate approximately $9.1 billion in total initial contract revenue. Two five-year extension options at the tenant's election could bring the total potential contract value to approximately $16.1 billion. The estimated cumulative net operating income over the base term is projected at $7.3 billion to $8.2 billion, or an average of $365 million to $411 million annually.

The initial 96 IT megawatts are expected to be delivered in December 2027, with full deployment of 191 megawatts targeted by June 2028. Morgan Stanley is providing a $573 million interim financing facility to fund initial development costs.

The new lease follows a previously announced agreement with Advanced Micro Devices, Inc. for 50 megawatts at the same campus. Together, the two leases represent 241 megawatts of contracted capacity.

During the second quarter, Riot completed delivery of the initial 25 megawatts to AMD on time and on budget. Construction is underway on AMD's 25-megawatt expansion, with a 10-megawatt phase targeted for November 2026 and a 15-megawatt phase for May 2027.

Second-quarter data center revenue totaled $23.2 million. Bitcoin mining revenue was $113.7 million, down from $140.9 million a year earlier, driven by lower average bitcoin prices and a higher global network hash rate. The company mined 1,587 bitcoin in the quarter, compared with 1,426 in the same period of 2025. The cost to mine one bitcoin, excluding depreciation, was $49,912.

Riot reported a net loss of $237.2 million for the quarter, compared with net income of $219.5 million in the second quarter of 2025. The company ended the quarter with over $1.2 billion in liquid assets, including 11,380 bitcoin and $548.9 million in cash.