Riot, Core Scientific, Hut 8 and IREN Report Q3 as AI Data Center Contracts Reshape Bitcoin Mining

Four bitcoin miners tracked by PRISM MarketView reported quarterly results on November 4 and 5, 2026, and each one led with AI data center news. Riot Platforms, Core Scientific and IREN belong to the PRISM Crypto Mining Index, while Hut 8 sits in the PRISM AI Datacenter and Infrastructure Index.

However, the four companies are at different stages of that shift. Core Scientific and IREN already earn most of their revenue from AI and high-density computing customers. Riot and Hut 8, by contrast, signed multibillion-dollar leases for campuses that deliver in phases through 2027 and 2028. Both also sold bitcoin this year: Riot to fund development and Hut 8 to fund share buybacks.

Selling Bitcoin While Leases Ramp Up

• Riot Platforms (NASDAQ: RIOT): Riot mines bitcoin and develops data centers at its Rockdale and Corsicana campuses in Texas. On November 4, 2026, the company announced a 15-year lease of its entire 332-acre Corsicana campus to a leading frontier AI lab. The lease covers 910 megawatts (MW) of critical IT capacity and carries about $28 billion in value over its initial term, or about $54 billion if the tenant exercises both five-year extensions. Riot plans to deliver 400 MW in September 2027, 200 MW in January 2028 and 310 MW in July 2028.

Including an earlier Rockdale lease with the same tenant and its AMD contract, Riot now reports 1,151 MW of contracted capacity and about $38 billion in long-term contracted data center revenue. Meanwhile, the company sold 20,264 bitcoin in the first nine months of 2026 for about $1.5 billion, mainly to fund data center development. Third quarter revenue reached $181.4 million, compared with $180.2 million a year earlier, including $116.0 million from mining and $18.4 million from data centers. Riot held $748.2 million in cash, including $79.2 million restricted, plus 2,418 bitcoin as of September 30. CEO Jason Les said the company does not currently expect to issue equity to fund its announced projects.

• Hut 8 (NASDAQ: HUT): Hut 8 describes itself as an energy infrastructure platform, and it develops data center campuses for AI tenants. In its third quarter results on November 4, 2026, Hut 8 reported a second 352 MW IT lease at its Beacon Point campus with the tenant from the first phase. As a result, Beacon Point now carries about $19.6 billion in expected base-term contract value, and the company’s AI data center portfolio totals about $26.6 billion. Hut 8 has 1,330 MW of energy capacity under construction at River Bend and Beacon Point.

On the bitcoin side, Hut 8 sold about 954 bitcoin during the quarter to fund $74.7 million in share repurchases. After quarter end, it sold about 2,148 more to fund another $175.3 million, which brings cumulative repurchases to about $250.0 million. The board then raised the buyback authorization to $1.0 billion on November 2. Quarterly revenue came to $71.1 million, down from $83.5 million a year earlier, while net income of $189.5 million included $413.8 million in gains on digital assets. As of September 30, Hut 8 reported about $6.6 billion in combined cash, restricted cash and restricted short-term investments, along with an undrawn $1.07 billion credit facility.

Colocation and AI Cloud Revenue Take the Lead

• Core Scientific (NASDAQ: CORZ): Core Scientific leases data center capacity to high-density computing customers through colocation agreements and runs a smaller bitcoin self-mining business. On November 5, 2026, the company reported third quarter revenue of $232.9 million, up from $81.1 million a year earlier. Colocation produced $215.4 million of that total, nearly 60% more than the $136.7 million it generated in the second quarter. In contrast, self-mining revenue fell to $12.3 million from $57.4 million a year earlier.

As of September 30, Core Scientific was billing customers for 485 MW, which represents more than $700 million in average annualized colocation revenue. In addition, construction under its second colocation agreement is underway across five campuses. “Our execution at scale is translating into results, with a significant sequential increase in GAAP colocation revenue,” said CEO Adam Sullivan. Adjusted EBITDA rose to $133.6 million, a 57% margin, from $6.5 million a year earlier. The company spent $985.1 million on capital expenditures during the quarter and ended it with $803.9 million in cash and cash equivalents. Net income of $1.18 billion came mainly from a non-cash gain tied to the fair value of warrants.

• IREN (NASDAQ: IREN): IREN sells AI cloud services from its own data centers and also mines bitcoin. Its fiscal year starts in July, so its first quarter of fiscal 2027 covers the same July through September period as its peers. In its Q1 FY27 results on November 5, 2026, IREN reported AI Cloud revenue of $200 million, up 182% from $71 million in the prior quarter. Over the same period, bitcoin mining revenue fell to $28 million from $67 million, and total revenue rose 66% to $228 million. “AI Cloud revenue nearly tripled to $200 million,” said Co-Founder and Co-CEO Daniel Roberts.

IREN also reported that Horizon 1 went into service for Microsoft and that its revenue backlog grew 22% to $20.3 billion, with about two-thirds from investment-grade counterparties. After quarter end, it expanded a contract with a leading frontier AI lab and signed a five-year contract at about $22 million per IT MW. However, the company moved its target of more than $4 billion in annualized run-rate revenue from year-end 2026 to January 2027, and possibly February 2027, citing a customer-requested design change and supplier timing. Adjusted EBITDA reached $66 million, while net loss narrowed to $263 million from $684 million in the prior quarter. IREN held $3.52 billion in unrestricted cash and cash equivalents as of September 30, plus $2.26 billion in restricted cash.

How the Four Contract Books Compare

Taken together, the four reports show miners funding the move into AI in different ways. Riot sold bitcoin to pay for development, whereas Hut 8 sold bitcoin to fund share repurchases. Core Scientific and IREN, on the other hand, already generate most of their revenue from colocation and AI cloud customers.

The headline contract figures also measure different things. Riot reports about $38 billion in long-term contracted revenue, Hut 8 reports about $26.6 billion in expected base-term contract value and IREN reports a $20.3 billion revenue backlog. For that reason, the numbers are not directly comparable.

Several dates stand out over the next year. First, IREN targets more than $4 billion in annualized run-rate revenue as early as January 2027. Hut 8 then expects its first River Bend data hall in the second quarter of 2027, followed by Riot’s first 400 MW Corsicana phase in September 2027.

Strategic Investment Summary

• Corsicana Lease Signed: Riot Platforms (NASDAQ: RIOT) leased its entire 910 MW Corsicana campus to a leading frontier AI lab for about $28 billion over a 15-year initial term, bringing its long-term contracted data center revenue to about $38 billion.
• Colocation at Scale: Core Scientific (NASDAQ: CORZ) generated $215.4 million in third quarter colocation revenue and was billing customers for 485 MW as of September 30, 2026.
• Bitcoin-Funded Buybacks: Hut 8 (NASDAQ: HUT) sold about 3,100 bitcoin to fund about $250.0 million in share repurchases, and its board raised the buyback authorization to $1.0 billion.
• AI Cloud Growth: IREN (NASDAQ: IREN) nearly tripled quarterly AI Cloud revenue to $200 million and grew its revenue backlog to $20.3 billion, although it moved its $4 billion run-rate target to January 2027.
• Different Funding Paths: Riot sold 20,264 bitcoin in the first nine months of 2026 to fund data center development, while Hut 8 directed its bitcoin sales to share repurchases.
• Delivery Dates Ahead: Hut 8 expects its first River Bend data hall in the second quarter of 2027, and Riot plans to deliver its first 400 MW at Corsicana in September 2027.

Find out more about the latest corporate developments and financial reports at the Riot Platforms, Core Scientific, Hut 8 and IREN investor portals.