COINTELEGRAPH · 2026-11-04 18:48 UTC

Riot shares surge on $28B AI lease as Hut 8 sinks on revenue miss

Riot Platforms shares surged 13% after announcing a $28 billion, 15-year AI data center lease at its Corsicana, Texas facility with Anthropic, bringing total contracted data center revenue to $38 billion. Riot reported Q3 revenue of $181.4 million (up 1% YoY) and sold 10,599 BTC to finance expansion; CEO stated nearly all future cash flow will come from long-term AI leases rather than Bitcoin mining. Hut 8 shares plunged 22% after Q3 revenue fell 15% to $71.1 million, missing estimates of $75.8 million, as the company transitions to AI infrastructure with $7.5 billion in project bonds…

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