Riot is dumping its Bitcoin to fund a $9.1B AI deal that won’t pay rent until 2027

Bitcoin miner Riot Platforms has signed a 191-megawatt data center lease with an unnamed frontier AI lab that it expects to generate about $9.1 billion of gross contract revenue over a 20-year base term.Construction cash must arrive much sooner: the first 96 MW is expected to become available in December 2027, when initial rent is expected to commence, and the remaining 95 MW is due in June 2028. The plan still treats Bitcoin sales as a source of construction equity before rent begins.Riot projects $2.1 billion to $2.3 billion of capital spending for the build and assumes that 80% to 90% will come from long-term project debt. That debt is not disclosed as closed. The projected stack leaves $210 million to $460 million of equity funding before an expected $180 million refinancing tied to its AMD deployment would reduce the estimated equity need to $30 million to $280 million.The first bridge is a $573 million interim facility administered by Morgan Stanley Senior Funding. It is intended for long-lead equipment and development costs, bears interest at SOFR plus 2.75% and matures on Oct. 15, 2026, subject to limited extension in specified refinancing circumstances. The filing does not...