Why it matters
The strategic read
Converts a large block of Riot's already energized Texas power portfolio into long-duration contracted AI capacity. The build-to-suit lease, phased 2027-2028 delivery and interim development financing provide unusually detailed economics for a bitcoin-infrastructure operator's shift into Tier 3 AI data centers.
Source-supported terms
What was disclosed
- 01
Riot executed a lease and services agreement with an unnamed leading frontier AI lab for a build-to-suit Tier 3 data center at its Rockdale campus.
- 02
The initial 20-year term runs through June 2048 and is expected to generate approximately $9.1B of contract revenue.
- 03
Two five-year tenant extension options could raise total potential contract value to approximately $16.1B.
- 04
Initial delivery of 96 critical IT MW is expected in December 2027, with all 191 MW expected by June 2028.
- 05
Riot estimates cumulative NOI of $7.3B-$8.2B over the base term and disclosed a $573M Morgan Stanley interim facility for initial development costs.
- 06
Together with AMD's separate 50 MW lease, Riot has contracted 241 critical IT MW at Rockdale.
Disclosure boundary
What is known—and what is not
Lease and services agreement executed. Riot identifies the tenant only as a leading frontier AI lab; secondary reporting identifies Anthropic, but that identity is not used as a primary-source fact here. The $9.1B figure is expected revenue over the initial term, while the $16.1B potential value requires both tenant extension options. Public materials do not disclose rent escalators, tenant credit support, final backstop provider, development capex, remedies, termination rights, service-level terms, equipment scope or the complete financing package.