Shares of Bitcoin miner Riot Platforms surged more than 13% on Wednesday after the company announced a $28 billion artificial intelligence data center lease. In contrast, fellow miner Hut 8 saw its stock plunge more than 22% after reporting third-quarter revenue that missed analyst estimates.

Riot secures major AI infrastructure deal

The 15-year agreement covers 910 megawatts at Riot’s Corsicana, Texas, facility. The deal brings Riot’s total future contracted data center revenue to approximately $38 billion across three leases signed this year. Riot estimates the project’s total capital costs at $5.5 billion, to be financed primarily through debt backed by lease payments, although financing has not yet been secured. The first phase is expected to be delivered in September 2027.

Under the terms, Riot will provide land and power infrastructure originally developed for Bitcoin mining. The AI tenant, identified as Anthropic in the company’s quarterly filing, will own and operate the computing equipment and cover operating expenses. CEO Jason Les stated during the earnings call that nearly all expected cash flow will eventually be generated from long-term leases with leading players in the AI ecosystem, shifting away from dependence on Bitcoin prices. Les added that Bitcoin mining at Corsicana could begin winding down in summer 2027.

Riot reported third-quarter revenue of $181.4 million, up 1% year over year. The company sold 10,599 BTC during the quarter to help finance its data center expansion.

Hut 8 revenue misses expectations

Hut 8’s third-quarter revenue fell 15% to $71.1 million, missing analysts’ estimates of $75.8 million according to MarketBeat data. CFO Sean Glennan attributed the decline partly to asset sales and lower revenue per Bitcoin mined. He noted that the legacy revenue base is no longer the main growth driver, while larger contracted infrastructure revenues remain tied to delivery milestones.

CEO Asher Genoot compared traditional AI data center construction to NASA rocket programs, describing them as remarkable engineering feats that are complex, expensive, and slow to deliver. Despite the revenue miss, the company’s third-quarter earnings presentation indicated that Hut 8 has secured $7.5 billion in project bonds to fully finance two major AI data center developments.