Overview
- Riot said it signed a 20‑year lease for 191 megawatts of IT capacity at its Rockdale, Texas campus that runs through June 2048, a deal the company disclosed in early August and characterized as with a “leading frontier AI lab.”
- Bloomberg and multiple outlets reported the unnamed tenant is Anthropic, though neither Riot nor Anthropic has publicly confirmed the tenant’s identity.
- Riot secured a $573 million interim financing facility from Morgan Stanley to fund early development and expects to deliver 96 MW by December 2027 and the full 191 MW by June 2028 as part of a phased buildout.
- The company projects the base 20‑year lease will generate about $9.1 billion in revenue and says two tenant options could lift potential contract value to roughly $16.1 billion over extensions.
- The deal, combined with an earlier AMD lease that brings Rockdale to 241 MW of signed capacity, underscores a wider shift of miners monetizing grid‑connected power for AI but leaves material execution and permanent financing risks that will determine when and how revenue is realized.