The Bitcoin miner transfers capacity from its Texas campus to the maker of Claude for twenty years, as bitcoin mining falls below two-thirds of total revenue
Riot Platforms has announced a twenty-year lease agreement for 191 megawatts of IT capacity at its campus in Rockdale, Texas, with a contract value of $9.1 billion through June 2048. Bloomberg identified the partner – described in the official release as “a leading frontier AI laboratory” – as Anthropic, developer of the Claude model.
The contract is structured in two phases: the first 96 megawatts are to be delivered by December 2027, the remaining 95 by June 2028. Two five-year extension options are included, which could bring the total contract value to $16.1 billion. To cover initial development costs, Riot secured a $573 million bridge financing facility from Morgan Stanley.
The agreement comes a few weeks after the publication of second-quarter 2026 results, which show a net loss of $237.2 million ($0.68 per diluted share), against net income of $219.5 million in the same period of 2025. Total revenue was $174.2 million: bitcoin mining contributed $113.7 million, data center revenue $23.2 million, and engineering $37.3 million. During the quarter Riot produced 1,587 bitcoin and closed the period with 11,380 bitcoin on its balance sheet and $548.9 million in cash.
This is the second AI contract in six months: in January Riot had already signed an agreement with Advanced Micro Devices (AMD) for 50 megawatts. CEO Jason Les stated in the release that the two contracts together cover 241 megawatts for approximately $9.8 billion in long-term contracted revenue. Les cited approved energy capacity at multi-gigawatt scale, in-house data center development expertise, and the ability to design infrastructure tailored to intensive workloads as the distinguishing factors.
