Riot Platforms pushes for a cap of about 70% of the budget... Cipher to bear 484.3 billion won first

Riot Platforms is moving to place roughly 70% of its Rockdale project budget under a guaranteed maximum price (GMP) contract, the company said on its third-quarter earnings call, as bitcoin miners expand into AI data-center work. Cipher Digital agreed to absorb the first $359.3 million of cost overruns on the Barber Lake project's initial budget. Riot said it is finalizing the GMP with its general contractor after taking bids by work package, with the final figure to cover the full scope. The structure matters because it caps Riot's exposure to construction cost inflation on a large share of the build. Investors will watch whether the final GMP is signed at the expected ~70% coverage and how overrun liability is allocated across the remaining budget.