Overview
- Riot’s SEC filing confirms a 20‑year lease for 191 megawatts of critical IT capacity at its Rockdale, Texas campus that the company described as for a “leading frontier AI lab.”
- Bloomberg and multiple outlets have identified the unnamed tenant as Anthropic but neither Riot nor Anthropic provided an on‑the‑record confirmation when contacted.
- Riot projects about $9.1 billion in contract revenue and $7.3 billion to $8.2 billion of cumulative net operating income over the initial 20‑year term with two five‑year extension options that could raise the contract value to roughly $16.1 billion, and those figures are forward‑looking company forecasts rather than recognized revenue.
- Morgan Stanley has provided a $573 million interim financing facility to start construction and Riot says delivery is phased with 96 MW targeted by December 2027 and full 191 MW by June 2028, subject to finishing long‑term financing and successful buildout.
- The deal increases Riot’s Rockdale committed capacity to 241 MW when combined with an earlier AMD agreement and illustrates a broader trend of bitcoin miners monetizing grid‑connected power for AI hosting while leaving material execution and counterpart confirmation risks in place.