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BTC Riot Platforms signs a 20-year agreement to provide 191 MW of critical IT capacity to its Texas campus, betting on AI infrastructure
Bitcoin miner Riot Platforms has signed a 20-year agreement to provide 191 MW of critical IT capacity to its campus in Rockdale, Texas. The move created a $9.1 billion contract revenue stream for the company and marked its accelerated expansion into artificial intelligence infrastructure.
The agreement, signed on August 10, will last until June 2048 and includes two additional five-year options that could increase total contract revenue to approximately US$16.1 billion.
Riot only described its customer as a leading cutting-edge artificial intelligence laboratory in its public disclosure. According to people familiar with the matter, Anthropic is the company behind the agreement. When the agreement was announced, neither party publicly disclosed the identity of the other party.
The first 96 MW is scheduled to be delivered in December 2027.
Riot will build a three-level customized data center in Rockdale for tenants, and the first 96 MW of critical IT capacity is scheduled to be delivered in December 2027. The remaining capacity is expected to be put into use before June 2028.
The company expects cumulative net operating income to reach US$7.3 billion to US$8.2 billion over the initial 20-year period, equivalent to an average annual contribution of approximately US$365 million to US$411 million.
Morgan Stanley is providing a $573 million interim financing arrangement to support initial development, while Riot is finalizing an investment-grade credit support.
The lease agreement was also disclosed in Riot's Form 8-K filed on August 10. Second-quarter results released during the same period showed revenue of $174.2 million, a year-on-year increase of 14%. Data center operations contributed $23.2 million during the quarter.
Rockdale AI capacity reaches 241 MW
Riot had signed a contract with AMD before the Anthropic-related agreement was signed. The contract initially covered 25 MW of Rockdale's capacity, before AMD exercised its option to add an additional 25 MW.
Riot has completed delivery of its first 25 MW, and the second phase of construction is in progress. Currently, these two customers collectively occupy 241 MW of contracted critical IT capacity, with long-term contract revenue of approximately US$9.8 billion.
This expansion reflects a broader shift in the mining sector, with operators monetizing power infrastructure for AI workloads. Previously, shares of Bitcoin miners have risen as large AI infrastructure agreements increase the value of available data center capacity.
MARA has adopted a similar diversification strategy, while using its Bitcoin reserves as a source of funding. The company has sold 23,093 bitcoins and raised $1.6 billion in funding as it expands into AI and energy infrastructure.
RIOT shares soar after lease agreement disclosure
Riot shares closed at $19.40 on Monday, soaring to more than $24 in after-hours trading after the lease agreement was disclosed and Anthropic was confirmed as a tenant. At one point, the increase put the stock price about 25% above the regular trading close.
Riot's Rockdale agreement also gives new tenants conditional priority on an additional 100 megawatts of capacity, which was previously subject to AMD's right of first refusal.
The first deployment of 96 MW is still scheduled to be completed in December 2027, and the entire 191 MW capacity is expected to be operational by June 2028.
