Riot Platforms has signed a 20-year lease for 191 megawatts of data-center capacity at its Rockdale campus in Texas, turning power once developed for bitcoin mining into $9.1 billion of expected contract revenue. Riot called the customer a “leading frontier AI lab” in its 10 August filing with the Securities and Exchange Commission, while Bloomberg later identified the unnamed tenant as Anthropic through people familiar with the agreement.

Neither company has publicly confirmed the counterparty. Investors nevertheless sent Riot shares up about 25% to $24.40 in late trading after they had fallen 5.5% during the regular session. The response says more about the value of contracted electricity and grid access than it does about bitcoin production.

The $9.1 Billion Is Revenue, Not Upfront Cash

The base lease runs through June 2048 and is expected to produce $9.1 billion over its initial term. Anthropic can exercise two five-year extensions, which would take potential sales to about $16.1 billion. Riot estimates cumulative net operating income of $7.3 billion to $8.2 billion during the base term, equal to an annual average of $365 million to $411 million.

Delivery will occur in stages, with the first 96 megawatts scheduled for December 2027 and all 191 megawatts due by June 2028. Morgan Stanley is providing $573 million of interim financing for initial development while an investment-grade credit backstop is completed. That schedule and financing structure mean the headline contract value depends on construction, tenant performance and more than two decades of operation rather than cash received at signing.

Why Anthropic Is Locking Up Power

Anthropic‘s demand for compute has expanded alongside Claude usage. In April, the company said its annualised revenue had passed $30 billion, up from about $9 billion at the end of 2025, while the number of business customers spending at least $1 million a year had doubled to more than 1,000 in under two months. Its agreement with Google and Broadcom covers several gigawatts of capacity beginning in 2027.

The Rockdale lease is therefore one component of a larger supply programme rather than Anthropic’s sole cloud platform. Its 191 megawatts are small beside those multi-gigawatt agreements, but the location offers something AI developers struggle to obtain quickly: an approved grid connection at a site where power infrastructure already exists.

Rockdale Is Moving From Hashrate to Rent

Riot described Rockdale as a 700-megawatt bitcoin mining facility in its 2025 filings. By January 2026, it said it intended to convert the site’s full power capacity for data-center tenants, beginning with a lease to AMD. AMD now has 50 megawatts under contract, bringing Rockdale’s combined leased capacity to 241 megawatts and base-term contracted revenue from both tenants to about $9.8 billion.

The economic reason is visible in Riot’s second-quarter results. Bitcoin mining revenue fell to $113.7 million from $140.9 million a year earlier as bitcoin prices weakened and network hashrate rose, while the cost to mine one bitcoin increased to $49,912. Riot produced 1,587 bitcoin, yet posted a $237.2 million net loss. Earlier this year, it also sold 3,778 bitcoin for $289.5 million, showing how capital demands were already changing its treasury strategy.

Mining remains Riot’s largest revenue source today, but the share-price response indicates that investors are assigning more weight to future contracted income. Hashprice varies with bitcoin, network difficulty, fees and electricity costs. A long lease can exchange much of that volatility for tenant credit risk, construction spending and fixed-site execution risk.

The Read-Across Is Bigger Than Riot

Riot is following a route already taken by other listed miners. Hut 8’s $9.8 billion Texas lease covers 352 megawatts over 15 years and is larger than Riot’s base agreement, which is why Riot’s deal should not be described as an industry record. Core Scientific has also shifted capacity toward AI infrastructure as mining margins face pressure.

The crossover is becoming broad enough to alter portfolio exposure. Seven of the ten largest positions in the Bitwise Crypto Industry Innovators ETF are miners developing AI data centres, meaning a fund sold as crypto exposure increasingly carries AI infrastructure risk. At the same time, pressure on mining profitability makes secured power more valuable outside the bitcoin network.

Riot has now changed its economic identity twice. SEC records show that it operated life-science and diagnostics businesses before adopting Riot Blockchain in 2017. Mining and AI hosting both depend on power, land and computing facilities, but the valuation basis is changing again. Monday’s gain suggests investors now see Rockdale less as a bitcoin mine and more as a power asset with an AI tenant.