MARKETS: Inside Riot’s $311M AMD Deal w/ Jason Les

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Welcome back to The Blockspace Podcast! Today, Jason Les, CEO of Riot Platforms, joins us to talk about Riot’s first HPC/AI deal with AMD. We dig into the details on the $311 million deal with AMD, Riot’s acquisition of the property for its Rockdale facility, and Riot’s strategy for repurposing bitcoin mining infrastructure for high-performance computing at a lower CAPEX than some of its peers. Jason explains how Riot is leveraging its massive power portfolio and Bitcoin treasury to fund this expansion without dilution, and what could be coming down the pipe for Riot’s 1.7 GW portfolio with regards to future AI deals.

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Notes:

* $311M AMD deal over 10 years for 25MW load

* Rockdale land acquired for $96 million cash

* Expansion options up to 200MW for total potential revenue of ~$1B

* CapEx cost of $3.6M per MW for retrofits

* Portfolio includes 1.7GW total power capacity

* Project financing targets 75-85% loan-to-cost.

Timestamps:

00:00 Start

02:22 RIOT & AMD deal announcement

04:03 Rapid timeline & costs

07:15 Financing strategy

10:21 Rockdale power rights

12:40 In addition to Rockdale

13:26 Finance ratings

15:18 New clients

17:07 Future of Bitcoin mining & RIOT

19:45 Power shell vs Neocloud

21:44 Final thoughts

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