Anthropic Locks Up 191 Megawatts From Riot Platforms in $9.1 Billion Lease
Riot Platforms has signed a massive 20-year lease agreement with Anthropic for 191 megawatts of computing capacity at its Rockdale, Texas campus. The deal is valued at $9.1 billion and includes two optional five-year extensions that could push the total revenue to $16.1 billion.
The power will be delivered in two phases: 96 megawatts by December 2027 and the remaining 95 megawatts by June 2028. Morgan Stanley is providing a $573 million interim loan to fund early development.
Rockdale now has a total of 241 megawatts of contracted capacity, with this new deal representing roughly $9.8 billion in long-term contracted revenue. Anthropic is one of the world's leading frontier AI labs and has previously leased power directly from companies originally built for cryptocurrency mining.
The agreement has already led to a price target increase for Riot Platforms, with five brokerages raising their targets within hours. Bernstein analysts now assign 84% of Riot's $14.7 billion enterprise value to AI colocation, up from 11% previously assigned to Bitcoin mining.