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Riot Platforms Anthropic Lease Delivers 191 Megawatts

Riot disclosed the Riot Platforms Anthropic lease on Monday alongside its delayed second-quarter results, describing the tenant in its Aug. 10 filing only as one of the world's leading frontier AI labs. Later reporting identified Anthropic as the customer, citing people familiar with the private discussions.

The contract runs through June 2048 and carries two optional five-year extensions that, if exercised, would push potential revenue to roughly $16.1 billion. Riot plans to bring 96 megawatts online in December 2027, then deliver the remaining 95 megawatts by June 2028. Morgan Stanley is funding early development with a $573 million interim loan.

Rockdale now carries 241 megawatts of contracted capacity, counting an earlier lease with Advanced Micro Devices that started at 25 megawatts and has since been delivered. Chief Executive Jason Les said the two agreements together represent roughly $9.8 billion in long-term contracted revenue, all of it booked inside six months.

Also Read:OpenAI Buys Back $7B In Employee Shares, And The IPO Still Has No Date

Bernstein And Citi Reprice Riot Platforms Stock

Five Wall Street firms raised their price targets within hours. H.C. Wainwright moved to $40 from $25, Bernstein to $35 from $30, Citi to $32 from $28, Cantor Fitzgerald to $30 from $23 and Piper Sandler to $25 from $23. Several also pointed to a non-binding letter of intent covering the full gigawatt of capacity at Riot's Corsicana site in Texas.

Bernstein analysts now assign 84% of Riot's $14.7 billion target enterprise value to AI colocation, against 11% for Bitcoin mining and 5% for the company's coin holdings.

They expect colocation revenue near $900 million by 2030, up from roughly $600 million in their previous model, and see the stock reaching $35 within a year.

That repricing arrived despite weak operating numbers, since quarterly revenue rose 14% to $174.2 million while the company swung to a net loss of $237.2 million, or 68 cents per diluted share.

Mining brought in $113.7 million during the quarter, against $23.2 million from data centers. Riot shares still climbed more than 20% before Tuesday's opening bell in New York.

Anthropic Compute Deals Reshape Bitcoin Mining Economics

The agreement extends a pattern Anthropic set earlier this year, when it began leasing power directly from companies originally built to mine cryptocurrency, rather than renting capacity from cloud providers alone. On Jul. 6 the firm committed to a 20-year, $19 billion lease with TeraWulf for 401 megawatts at a former aluminum smelter in Hawesville, Kentucky.

Frequently Asked Questions

How long does the Riot Platforms Anthropic lease last?

The contract runs through June 2048 and includes two optional five-year extensions. If both options are exercised, total potential revenue would reach roughly $16.1 billion.

When will the capacity come online?

Riot plans to bring 96 megawatts online in December 2027, then deliver the remaining 95 megawatts by June 2028. Morgan Stanley is funding early development with a $573 million interim loan.

How did Wall Street react to the deal?

Five firms raised their price targets within hours. H.C. Wainwright moved to $40 from $25, Bernstein to $35 from $30, Citi to $32 from $28, Cantor Fitzgerald to $30 from $23 and Piper Sandler to $25 from $23.

What does the deal mean for Bitcoin mining economics?

It extends a pattern Anthropic set earlier this year, when it began leasing power directly from companies originally built to mine cryptocurrency, rather than renting capacity from cloud providers alone. On Jul. 6 the firm committed to a 20-year, $19 billion lease with TeraWulf for 401 megawatts at a former aluminum smelter in Hawesville, Kentucky.