Riot Platforms has secured a $9.1 billion deal with Anthropic PBC, a leading frontier AI company, for 191 megawatts of computing capacity at its Rockdale, Texas campus, according to reports from Bloomberg. The agreement represents a significant milestone as Riot continues its strategic pivot away from Bitcoin mining toward AI computing infrastructure. Riot disclosed the deal in its August 10 SEC filing, describing the customer as a leading frontier AI lab, though Bloomberg subsequently identified Anthropic as the unnamed tenant citing people familiar with the matter. The contract runs through June 2048 and includes an option to extend twice by five years each, potentially raising total contract revenue to $16.1 billion. The 191 MW capacity is roughly equivalent to the electricity consumption of 143,000 homes at any given time.
The contract is expected to generate $9.1 billion in revenue over the initial term, with Riot forecasting cumulative net operating income of $7.3 billion to $8.2 billion during the base period. The deal includes an option to extend twice by five years each, translating into as much as $16.1 billion in total sales. Riot's shares surged more than 25% in after-hours trading following the announcement, with investors reacting strongly to the confirmed Anthropic identity. The company has secured $573 million from Morgan Stanley to fund initial construction while final financing progresses, with management estimating construction spending of $2.1 billion to $2.3 billion for the 191 MW project.
The agreement covers 191 MW of critical IT capacity at Rockdale, with the first 96 MW scheduled for December 2027 and another 95 MW by June 2028. Riot has already secured $573 million from Morgan Stanley to fund initial construction while final financing progresses. The company's Rockdale campus has 700 MW of developed, energized power capacity with existing fiber and electrical infrastructure that can be repurposed for high-density computing. Combined with the newly announced 191 MW contract, Riot now has 241 MW of critical IT capacity under signed leases at Rockdale, with total expected contracted revenue from the two tenants at approximately $9.8 billion. This marks the second deal in 2026, following the earlier agreement with Advanced Micro Devices Inc.
The deal follows Riot's earlier AMD expansion at Rockdale, where 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 Q2 and expects another 10 MW in November 2026 and 15 MW in May 2027. The broader strategy reflects how Bitcoin miners are monetizing access to scarce U.S. power infrastructure, with Riot beginning to generate meaningful data center revenue this year. 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 agreement exemplifies an industry-wide pivot toward AI infrastructure, with miners controlling large sites with established grid connections, land and cooling systems, allowing them to serve power-hungry AI customers faster than developers starting from scratch.
Second-quarter revenue rose 14% to $174.2 million, including $23.2 million from data centers. However, Bitcoin-mining revenue declined to $113.7 million as lower bitcoin prices and rising network competition offset increased production. Riot is helping finance data center investment by selling monthly bitcoin production and reducing its treasury. According to BitcoinTreasuries.net, Riot's holdings declined from 15,680 bitcoin to 11,380 at quarter-end, a reduction of 4,300 BTC over the three months. The past few months have seen a selloff across the AI sector, leaving rival AI-focused miners such as Cipher Mining, TeraWulf, and IREN more than 40% below their record high despite continued dealmaking. Despite the AI success, Riot reported a wider-than-expected loss for Q2 2026 with adjusted EPS of -$0.33 compared to forecast of -$0.23, and GAAP net loss expanded to $237 million largely driven by noncash charges tied to Bitcoin holdings and depreciation.
