Riot Platforms has signed a 20 year data center agreement worth an expected $9.1 billion for 191 megawatts of computing capacity at its Rockdale campus in Texas, marking another major step away from relying solely on Bitcoin mining.
Summary
- Riot signed a 20 year lease for 191 MW, expected to generate $9.1 billion initially.
- Bloomberg identified Anthropic as Riot’s unnamed frontier AI tenant, citing people familiar with the matter.
- Riot expects full deployment by June 2028, after delivering 96 MW initially in December 2027.
- Extension options could raise total contract revenue to $16.1 billion if Anthropic exercises both periods.
- Riot secured $573 million from Morgan Stanley to fund initial construction while final financing progresses.
Riot described the customer in its Aug. 10 SEC filing only as a leading frontier AI lab.
Bloomberg subsequently identified the tenant as Anthropic, developer of the Claude artificial intelligence models, citing people familiar with the transaction. Neither company publicly confirmed Anthropic’s identity when Bloomberg contacted them. Riot declined to comment, while Anthropic did not respond. The distinction means the contract itself is confirmed, but the customer’s identity currently rests on Bloomberg’s reporting.
Riot Platforms turns Rockdale power toward AI
Riot’s official release says the agreement covers 191 MW of critical IT capacity at Rockdale. The first 96 MW is scheduled for December 2027, followed by another 95 MW by June 2028. The initial contract runs through June 2048.
The company says the agreement is “expected to generate approximately $9.1 billion” over its initial term. That figure is a company forecast rather than revenue already earned. Two optional five year extensions, exercisable by the tenant, could raise potential contract revenue to about $16.1 billion. Riot estimates cumulative net operating income of $7.3 billion to $8.2 billion during the base term, another forward looking projection dependent on construction and operating performance.
Rockdale was built around large scale Bitcoin mining. The Texas campus has 700 MW of developed, energized power capacity, along with existing fiber and electrical infrastructure that Riot says can be repurposed for high density computing. The company has said it intends to convert the site’s full gross capacity toward data center tenants over time.
The shift builds on a trend covered in earlier Riot coverage, when activist investor Starboard Value pushed the miner to accelerate its AI data center strategy. Starboard argued that Riot’s large U.S. power portfolio could command greater value when leased to computing customers.
Anthropic deal follows Riot’s AMD expansion
Riot already has another major technology tenant at Rockdale. AMD initially signed for 25 MW in January and exercised an additional 25 MW option in April. Riot completed delivery of the first 25 MW during the second quarter and expects another 10 MW in November 2026 and 15 MW in May 2027.
Combined with the newly announced 191 MW contract, Riot now has 241 MW of critical IT capacity under signed leases at Rockdale. Its earnings deck puts total expected contracted revenue from the two tenants at about $9.8 billion. AMD retains options that could expand its footprint further.
As crypto.news reported in previous earnings coverage, Riot began generating meaningful data center revenue this year as its AMD deployment moved online. Q2 data center revenue reached $23.2 million, including $4.9 million from operating leases and $18.3 million from tenant fit out services.
The broader strategy reflects how Bitcoin miners are monetizing access to scarce U.S. power infrastructure. In related industry coverage, Riot and several other miners were identified as potential beneficiaries because their existing grid connections can shorten development timelines compared with entirely new data center projects.
Bitcoin remains important as Riot funds the buildout
Riot has not exited Bitcoin mining. It produced 1,587 BTC during Q2, up from 1,426 BTC a year earlier. However, mining revenue fell to $113.7 million from $140.9 million as average Bitcoin prices declined and global network hash rate increased. Riot’s cost to mine one Bitcoin, excluding depreciation, was $49,912.
The company’s Bitcoin holdings are also helping finance its AI expansion. Riot ended June with 11,380 BTC valued at about $666 million, including 5,821 BTC held as collateral, alongside $548.9 million in cash. Its investor presentation explicitly says continued Bitcoin inventory sales are being used as a primary funding source for the equity portion of its data center spending.
That strategy follows earlier sales and transfers documented in recent Bitcoin reserve coverage. The company has increasingly treated its Bitcoin balance as a source of capital while maintaining an active mining operation.
Morgan Stanley backs construction as Riot targets 2028
Building the 191 MW project will require far more capital than Riot’s earlier AMD deployment. Management estimates construction spending of about $2.1 billion to $2.3 billion. Morgan Stanley has provided a $573 million interim financing facility to cover early development costs while an investment grade credit backstop is finalized.
Riot expects debt to fund 80% to 90% of the project’s costs, leaving an estimated equity requirement of $210 million to $460 million before capital recycled from its AMD financing. Those estimates remain subject to financing terms and construction costs.
Investors initially reacted strongly to Bloomberg’s identification of Anthropic. Riot shares jumped about 25% to $24.40 in late trading following the report. The move came after Riot reported Q2 revenue of $174.2 million, up 14% year over year, although the company also posted a $237.2 million quarterly net loss.
The next fixed milestones are the planned 96 MW delivery in December 2027 and full 191 MW deployment in June 2028. Riot must also finish the longer term financing package. Separately, its SEC filing says the company has a nonbinding letter of intent involving its Corsicana, Texas campus, giving Riot another potential route for converting former Bitcoin focused power infrastructure into U.S. AI capacity.
