Riot Platforms (RIOT) Climbs 16% on AMD Data Center Lease Deal

We recently published 10 Firms Making Effortless 10-40% Gains. Riot Platforms Inc. (NASDAQ:RIOT) was one of the top performers on Friday.

Riot Platforms bounced back by 16.11 percent on Friday to finish at $19.24 apiece after bagging a data center lease and services agreement with Advanced Micro Devices Inc. (AMD), which could potentially generate the former up to $1 billion in revenues.

In a statement, Riot Platforms Inc. (NASDAQ:RIOT) said that it entered into a 10-year lease agreement with AMD for the delivery of 25 MW of critical IT load capacity at its Rockdale site.

The initial contract amounts to $311 million, with an option for AMD to extend its lease by three five-year contracts, or by 15 years, for a total of $1 billion.

In addition, AMD holds an expansion option for an additional 75 MW of critical IT load capacity and a right of first refusal for another 100 MW. If both are exercised, AMD’s total leased capacity at the Rockdale Site would increase to 200 MW.

Riot Platforms Inc. (NASDAQ:RIOT) said that it has commenced retrofitting one of its existing buildings, with delivery to AMD expected in two phases, the first being this month, with final completion in May 2026.

In other news, Riot Platforms Inc. (NASDAQ:RIOT) also announced the successful acquisition of 200 acres of land in Milam County, Texas—which it previously leased—for a purchase price of $96 million.

The transaction provided the company with a permanent base and more long-term stability in the area, allowing for the development of more data centers for its customers.

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Disclosure: None. This article is originally published at Insider Monkey.