191 megawatts, 20 years, and December 2027

Riot Platforms signed a twenty year lease for data center capacity at Rockdale, Texas. The leased capacity is 191 megawatts.

Riot Platforms signs $9.1 billion, 191 MW AI lease at Rockdale (Blockspace, 2026-08-10)

출처: blockspace.media

A megawatt is the unit a data center uses instead of floor area. It is the amount of electricity that can actually be delivered to computing equipment, and it sets how many servers can be plugged in. There is a reason miners end up in this position. Mining bitcoin means pulling in electricity at scale, so these companies already hold grid connections, substation equipment and long term power contracts. Artificial intelligence computing draws on the same electricity, so converting a site from mining to renting is faster than finding new land and starting over.

The company did not name the tenant

The original post names Anthropic as the counterparty. Riot's own earnings release does not name a tenant, and the Anthropic name is reported to have come from Bloomberg.

Riot stock jumps 25% after hours on a $9.1 billion deal reportedly with Anthropic (The Block, 2026-08-10)

출처: theblock.co

That report notes the market was asking who the tenant was before the name appeared, and that the stock moved once it did. The same contract carries a different chance of paying out over twenty years depending on who is on the other side of it.

Divide the headline by twenty years

Net operating income is the rent left after the cost of running the facility. It is measured before interest and depreciation, so what actually reaches shareholders is smaller than this. When the money arrives is decided by when the power does.

The original post also records that AMD exercised its option to widen an existing agreement. At the Corsicana site a letter of intent covers a gigawatt of capacity, and the counterparty there has not been named.

The day power reaches Rockdale

What splits from here is the delivery schedule. If the first 96 megawatts really are handed over by December 2027, this company's revenue changes character from mining to rent, and a twenty year contract starts showing up in the numbers. If the schedule slips, what accrues in the meantime is construction cost and interest. Riot has taken $573 million of interim financing from Morgan Stanley for the build, so a later completion means the costs land first. Whether a miner has become a landlord is answered by the date power reaches Rockdale, not by the contract.