Riot Platforms, Inc. has entered into a 20-year, $9.1 billion lease agreement with artificial intelligence developer Anthropic to host 191 megawatts of computing capacity at its Rockdale, Texas campus. Moreover, this announcement also coincided with the release of Riot’s second-quarter 2026 financial earnings announcement.
Reports also emerged regarding Anthropic’s efforts to stabilize investor expectations prior to a planned initial public offering (IPO) in late 2026. The contract provides for the long-term allocation of pre-approved power infrastructure to support high-performance computing, while providing Riot with an estimated cumulative net operating income between $7.3 billion and $8.2 billion over the base period.
Technical Deployment Phases And Financial Terms
The data centre where the transaction will take place is designed to operate within a period of several decades, up to June 2048. On the basis of regulatory filings, the deal includes two five-year extension clauses available to the tenant, which when fully realized, would increase the total value of the transaction to about $16.1 billion. On a yearly basis, the deal will yield net operating income to Riot, which could range from $365 million to $411 million.
For execution of the deal, Riot Platforms obtained a $573 million interim loan facility from Morgan Stanley. The initial loan is meant to cater to the cost of building to suit activities at the facility. The deal will allow infrastructure construction to take place without affecting procurement deadlines.
The physical deployment of the facilities will take place in three phases. This phased deployment will make sure that there is structural stability and that the grid is secure.
Moreover, in May 2027, Advanced Micro Devices is scheduled to complete its transition into an expanded 50-megawatt footprint. This expansion effectively doubles its previous 25-megawatt holding at the Rockdale complex and confirms external tenant interest.
Following this operational expansion, the initial phase of the Anthropic infrastructure is scheduled to go live in December 2027. This milestone will deliver 96 megawatts of capacity to the grid, establishing the project’s primary phase. Finally, construction is projected to conclude in June 2028. At this time, the remaining 95 megawatts will be commissioned to achieve the full 191 megawatts of capacity outlined in the contract.
This multi-year completion process ensures that the positive effects of the company’s financial revenues and profits on the traditional financial performance metrics will start influencing them from the second half of 2027. This time frame guarantees an established planning horizon for long-term valuations of the corporation.
Corporate Earnings Data And Capital Reallocation Trends
Riot Platforms’ corporate disclosure was integrated directly into its rescheduled second-quarter 2026 financial results. For the said three months (April-June 2026),the total revenue grew 14% year-over-year to $174.2 million, up from $153 million in the prior year’s second quarter. The expansion was supported by initial data center operations, which managed to bring in $23.2 million for the quarter following the timely completion of the original 25 megawatts for Advanced Micro Devices.
Even though there was an increase in the company’s total revenue, Riot Platforms reported a GAAP net loss of $237,170 for the quarter, compared to a net profit of $219,454 in the same period last year. The discrepancy was primarily driven by non-cash adjustments and asset write-downs, including $97,784 in quarterly depreciation and amortization alongside a $35,582 stock-based compensation expense. For the six months ended June 30, 2026, cumulative stock-based compensation expenses reached $74,748, while year-to-date net losses totaled $737,647.
This is a part of a wider industry trend in which businesses take advantage of existing connections in the utility grid network for computing the industrial sector. Companies with guaranteed gigawatts of energy supply are now entering into agreements in order to create stable cash flows from their corporations. The pipeline of the company includes a letter of intent for its 1-gigawatt plant located in Corsicana, Texas.
