On August 11, 2026, Bloomberg reported, citing people familiar with the matter, that Anthropic has secured large-scale AI data center capacity from Riot Platforms, a company known for bitcoin mining. The agreement Riot disclosed the previous day provides 191MW over 20 years at its Rockdale, Texas site, with total base rent projected at approximately $9.1 billion. Riot's disclosure identifies the tenant only as "one of the world's leading frontier AI research labs." The name Anthropic comes from Bloomberg's reporting.
What's moving here is a bitcoin mining site where Riot already holds large-scale power interconnection. As AI companies search for places to locate their servers, the concept of mining companies with secured power turning that into long-term rental income has now taken concrete shape at a scale of 191MW. However, the $9.1 billion figure is the sum of base rent over 20 years. It will only accumulate if construction proceeds as planned and the tenant fulfills the contract.
A 20-Year Lease for 191MW
The contract covers 191MW of critical IT capacity to be built at the Rockdale campus. Riot will use a build-to-suit approach tailored to the tenant's specifications, developing the facility to Tier 3 standards. The first 96MW is scheduled for delivery in December 2027, with the remaining 95MW to follow by June 2028.
The 20-year base term begins in June 2028, when all 191MW is expected to be delivered, and runs through June 2048. The tenant can then extend twice, each for five years. If both extensions are exercised, Riot's projected potential contract value reaches approximately $16.1 billion. Since the extension decision rests with the tenant, this is not a confirmed figure at this time.
Rockdale has approximately 700MW of developed capacity. Riot states it will use existing approved grid interconnection for this construction, giving it a different starting point than projects waiting on power connections from scratch. The campus already has a 50MW contract with AMD, bringing the combined AI-related contracted capacity across both deals to 241MW.
The $9.1 Billion Is Not Profit
The $9.1 billion Riot disclosed is the total base rent to be received over 20 years. The company estimates cumulative NOI (net operating income) over the base term at $7.3 billion to $8.2 billion, averaging $365 million to $411 million annually. This NOI is a non-GAAP metric unique to Riot, calculated as projected rent from the target lease minus operating costs.
This NOI figure excludes capital expenditures, significant financial obligations, general and administrative expenses, and depreciation. Riot also cautions that uncollectible operating costs from the tenant may arise in the future. Therefore, the $7.3–$8.2 billion figure is distinct from profit or cash flow that would ultimately accrue to shareholders. The total capital expenditure for the project has not been disclosed at this time.
Initial costs will be covered by a $573 million bridge loan secured by a Riot subsidiary. The funds will be used to procure and develop long-lead-time equipment, at a variable interest rate of SOFR plus 2.75%. The loan is secured by project assets and is non-recourse to Riot itself, aside from customary exceptions. However, its maturity date—October 15, 2026—is quite near, though it can be extended if certain conditions are met. Riot describes this as interim financing until investment-grade credit enhancement is finalized, meaning how funding is arranged after maturity, and under what conditions, will be a key factor in the project's construction economics.
From 25MW for AMD to 241MW Under Contract
Riot's move into non-mining data center business began in 2025. In January 2026, it signed a contract for 25MW with AMD at Rockdale, and added another 25MW through an amendment in April of the same year. The initial 25MW came online by May, with the additional capacity scheduled for phased delivery by May 2027. This new 191MW deal represents a sharp expansion in scale, coming right after Riot began building a track record.
That said, the current revenue mix is still dominated by bitcoin mining. Against total revenue of $174.2 million in Q2 2026, data center revenue was $23.2 million, while bitcoin mining revenue was $113.7 million. Mining revenue declined from $140.9 million in the same period a year earlier, while data centers began recording revenue as a newly established independent reporting segment.
The $9.1 billion contract did not boost this quarter's revenue. The base term doesn't begin until after full capacity delivery in June 2028. Whether Riot can shift its weighting from volatile mining income toward long-term lease revenue will be determined by roughly two years of construction track record from here.
December 2027: The First 96MW
While the existing grid interconnection is an advantageous factor, the 191MW AI data center itself has yet to be built. In its SEC filings, Riot lists construction delays, supply of long-lead-time equipment, permitting, and financing as risks to data center development. The company also cites Texas state regulations targeting large-scale power demand as a risk. Whether the plan to use existing interconnection can sufficiently limit construction timelines and costs remains uncertain.
Three dates bear watching. First, the bridge loan's maturity on October 15, 2026; next, the delivery of the first 96MW in December 2027; and finally, the remaining 95MW and the start of the base term in June 2028. While the loan can be extended under certain conditions, it's not yet clear which financing path Riot will choose. If the first 96MW is delivered on schedule, it will serve as the first real test of whether a mining company's power assets can fulfill a 20-year contract.