Riot AI data-center deal with Anthropic totals $9.1B, boosts capacity

Riot Platforms signed an AI data center deal worth an expected $9.1B with a frontier AI customer identified by Bloomberg as Anthropic. The agreement covers 191 MW of computing capacity at Riot’s Rockdale, Texas campus, with deliveries of 96 MW in Dec 2027 and full 191 MW by Jun 2028. The base term runs through Jun 2048. Optional two 5-year extensions could raise total potential contract value to about $16.1B, while Riot estimates cumulative net operating income of roughly $7.3B–$8.2B over the base term. Riot’s filings describe the tenant only as a “leading frontier AI lab,” so customer identity confirmation still relies on Bloomberg reporting, with both sides not confirming details. Financing is a key factor for sentiment: Riot secured a $573M interim facility from Morgan Stanley for early construction while final funding is finalized. Riot estimates $2.1B–$2.3B in construction spending, expecting 80%–90% debt funding and $210M–$460M equity need (subject to terms). Riot also expanded signed “critical IT capacity” at Rockdale to 241 MW via an existing AMD lease. For crypto traders, this AI data-center deal reduces Riot’s reliance on pure Bitcoin mining economics, but the near-term BTC price impact is likely second-order versus broader BTC network and macro conditions. Keep an eye on BTC production and any changes to Riot’s power allocation as the AI buildout ramps.