Mentioned:
Riot Platforms is getting serious about the opportunity in artificial intelligence infrastructure. And now, they’ve just landed a new multi-billion deal in Texas.
What’s happening:
- Riot Platforms (NASDAQ: RIOT) has landed a new 20 year deal for hosting artificial intelligence workloads at their data centre located in Rockdale, Texas worth up to $9.1B USD
By the numbers:
- Riot Platforms new deal is structured as a 20 year lease for 191 megawatts of computing capacity
- The deal could be worth up to $16.1B USD if both 5 year extensions are exercised
Why it matters:
- This is the single largest contract that Riot Platforms has ever secured for hosting artificial intelligence workloads
Going deeper:
- Riot Platforms will be responsible for financing and constructing a data centre located at their Rockdale, Texas campus as part of the new contract
- Riot Platforms has publicly stated that the tenant behind their new deal is one of the world’s leading frontier artificial intelligence labs
The intrigue:
- Riot Platforms has been making a flurry of moves focused on their data centres lately, including notably partnering with nuclear power company Terrestrial Energy (NASDAQ: IMSR) to deploy small modular reactors directly on location at their data centres
The fine print:
- Riot Platforms will not start generating full revenue from the new deal for nearly two years
