Riot Platforms booked $181.4 million of revenue in the third quarter and, in the same release, disclosed a 15-year lease over its entire Corsicana campus that it values at about $28 billion. The tenant is described only as “a leading Frontier AI Lab,” and the structure is a triple-net powered land lease: Riot supplies land, high-voltage infrastructure and powered pads, while the tenant buys, owns and runs the computers. That distinction is the story. Riot is not selling artificial-intelligence compute. It is renting dirt, wires and permits, and collecting about $1.8 billion a year for it once the campus is delivered.