Monitor the Rockdale 191 MW project timeline and any updates on refinancing or extension of the December 31, 2026 maturity. The short tenor creates near-term refinancing risk; watch for subsequent 8-Ks or 10-Q disclosures on project milestones and debt restructuring.
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Executive Summary
Riot Platforms subsidiary Riot DC Logistics entered into a $573M senior secured delayed-draw term loan facility with Morgan Stanley Senior Funding as administrative agent. The proceeds will fund long-lead equipment and related costs for the 191 MW critical IT data center project at the Rockdale Facility. The loan matures on December 31, 2026, bears interest at SOFR + 2.75% or Base Rate + 1.75%, and is non-recourse to the parent company. This is a significant capital commitment for a large-scale infrastructure buildout, but the short maturity and secured nature introduce refinancing risk.
Key Financial Metrics
Key Facts
- Riot DC Logistics entered a $573M senior secured delayed-draw term loan facility.
- Proceeds fund long-lead equipment and project costs for the 191 MW critical IT data center at Rockdale Facility.
- Loan matures December 31, 2026 — a short 4.5-month tenor.
- Interest rate is SOFR + 2.75% or Base Rate + 1.75%.
- Facility is non-recourse to Riot Platforms, Inc. — lenders look only to the borrower subsidiary and its collateral.
- Morgan Stanley Senior Funding, Inc. is the administrative agent.
Financial Impact
$573 million senior secured delayed-draw term loan facility
Risk Factors
- Short maturity (Dec 31, 2026) creates refinancing risk if the project is not cash-flow positive or if credit markets tighten.
- Secured by substantially all assets of the borrowing subsidiary — any default could jeopardize the project.
- Non-recourse structure limits parent liability but may constrain future subsidiary financing.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-097330 |
| Document: 0001104659-26-097330-index.html | 0001104659-26-097330 |
| Document: 0001104659-26-097330.txt | 0001104659-26-097330 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 6w ago | 8-K | $20.04 $19.70 | ▼ −1.70% | ▲ +0.28% | $19.43 (−3.04%) |
Aug 10, 2026 7w ago | 8-K | $20.24 $22.07 | ▲ +9.04% | ▲ +10.10% | $19.43 (−4.00%) |
Aug 10, 2026 7w ago | Press Release | $20.24 $22.07 | ▲ +9.04% | ▲ +10.10% | $19.43 (−4.00%) |
Aug 9, 2026 7w ago | Press Release | $19.40 $22.78 | ▲ +17.40% | ▲ +18.31% | $19.43 (+0.15%) |
Aug 4, 2026 8w ago | Press Release | $21.50 $18.64 | ▼ −13.33% | ▼ −12.72% | $19.43 (−9.63%) |
Jun 24, 2026 14w ago | Insider Cluster | $27.76 $23.86 | ▼ −14.05% | ▼ −14.58% | $19.43 (−30.01%) |
Apr 30, 2026 22w ago | 8-K | $18.50 $28.25 | ▲ +52.70% | ▲ +47.44% | $19.43 (+5.03%) |
Apr 16, 2026 24w ago | Press Release | $18.11 $24.62 | ▲ +35.95% | ▲ +30.58% | $19.43 (+7.29%) |
Mar 2, 2026 30w ago | Press Release | $15.29 $12.36 | ▼ −19.16% | ▼ −14.76% | $19.43 (+27.08%) |
US Market Status
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