Note 3. Data Center Operations

In 2025, the Company began leveraging its core competencies in power optimization, strategic land acquisition, engineering design, and construction execution to develop and monetize portions of its existing facilities and power pipeline through the provision of data center leasing services.

AMD Lease

In January 2026, the Company entered into the AMD Lease, a long-term data center lease agreement with AMD, a leading innovator in high-performance computing, graphics, and visualization technologies, at the Rockdale Facility. The AMD Lease included an initial deployment of 25 MW of critical IT load capacity delivered in phases beginning with 5 MW of critical IT load capacity that was delivered in January 2026 and the remaining 20 MW that was delivered in May 2026. The AMD Lease carries a term of 10 years, with three five-year extension options. The AMD Lease included an expansion option for an additional 75 MW of critical IT load capacity and a right of first refusal for another 100 MW, totaling 200 MW.

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In April 2026, the Company entered into the AMD Lease Amendment, in which AMD exercised a portion of the existing expansion option in the AMD Lease to provide an additional deployment of 25 MW of critical IT load capacity to be delivered in phases beginning with 10 MW of critical IT load capacity expected to be delivered in November 2026 and the remaining 15 MW expected

to be delivered in May 2027. Under the AMD Lease Amendment, AMD holds a remaining balance of 50 MW of reserved critical IT load capacity under the existing expansion option. The AMD Lease Amendment also grants AMD a conditional, first-priority right to lease up to an additional 100 MW of critical IT load capacity, exercisable in increments of not less than 50 MW. If both the remaining 50 MW of reserved capacity under the existing expansion option and the additional 100 MW option are fully exercised, AMD’s total leased capacity at the Rockdale Facility would increase to 200 MW. This conditional, first-priority right replaces the right of first refusal for an additional 100 MW previously granted to AMD in the AMD Lease.

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Under the AMD Lease, power is provided to AMD at pass-through rates and recognized as variable lease revenue in the same period the related expenses are incurred.

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The Company is also required to provide tenant fit-out services to AMD. Tenant fit-out services include the procurement and installation of customer-specific equipment provided in accordance with the terms of the AMD Lease and the AMD Lease Amendment. All associated costs incurred by the Company plus a margin will be reimbursable and paid by AMD.

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The following table presents the components of the Company’s Data Center revenue for the three and six months ended June 30, 2026:

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The following table presents the Company’s future minimum operating lease payments to be received as of June 30, 2026. The table includes only base rent and excludes reimbursements and variable lease components:

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Subsequent Tenant Lease

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In August 2026, the Company entered into the Tenant Lease to provide 191 MW of critical IT load capacity at the Rockdale Facility. The Tenant Lease includes an initial deployment of 96 MW of critical IT load capacity anticipated to be delivered in December 2027, with the remaining capacity anticipated to be delivered in June 2028.

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The Tenant Lease carries an initial term of 20 years, commencing upon full deployment anticipated in June 2028, includes provisions for two successive five-year renewal terms at the option of the lessee, and is expected to generate approximately $9.1 billion in base rent over the initial term.

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In August 2026, Riot DC Logistics LLC, a wholly owned subsidiary of the Company (the “Borrower”), entered into a $573.0 million interim credit facility (the “$573 Million Credit Facility”) with the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent, to fund long-lead equipment procurement and other development costs for the Tenant Lease. The facility matures on October 15, 2026, subject to extension in certain circumstances in connection with the Company's re-financing of the $573 Million Credit Facility, and bears interest at a variable rate of the Secured Overnight Financing Rate (“SOFR”) plus 2.75%, and is secured by substantially all assets of the Borrower related to the project. The $573 Million Credit Facility is non-recourse to Riot Platforms, Inc., subject to customary non-recourse carve-outs.