Riot’s 191MW AI data lease: Bitcoin sales to fund capex, rent starts 2027

Riot Platforms has signed a 191MW AI data center lease with a “leading frontier AI lab” (identity not confirmed). The 20-year base deal is expected to bring about $9.1B in gross contract revenue. Rent is scheduled to start in Dec 2027 (first 96MW) and scale to full 191MW by Jun 2028. Construction will require $2.1B–$2.3B. Riot expects roughly 80%–90% debt funding, but it has not fully confirmed finalized debt terms. Equity needs are estimated at $210M–$460M, potentially reduced after an expected ~$180M refinancing tied to its AMD deployment. Key crypto trading detail: Riot plans to keep selling Bitcoin to fund construction equity before rental cash flows begin. It reported holding 11,380 BTC as of Jun 30, with 5,821 BTC pledged against a fully drawn $200M Coinbase credit facility (about 51% restricted). Riot also sold 9,665 BTC for $732.5M in H1 2026. In addition, Riot secured a $573M interim facility from Morgan Stanley Senior Funding to cover long-lead equipment and development (SOFR + 2.75%, maturity Oct 15, 2026). For traders, the near-term focus is potential BTC sell-pressure ahead of the 2027 rental start, especially if financing backstops or debt timelines slip. Over the long run, AI monetization may reduce reliance on pure mining economics, but that impact is likely secondary to Bitcoin supply dynamics in the short term.