• Riot signed a 20-year lease with an unnamed leading frontier AI lab for 191 MW of critical IT capacity at Rockdale, Texas, running through June 2048 and worth some $9.1B. Two five-year extensions would take it to roughly $16.1B. Cumulative NOI runs $7.3B–$8.2B, or $365M–$411M a year.

• First 96 IT MW land December 2027, the full 191 by June 2028, on approved interconnection. Morgan Stanley is funding $573M of interim development cost while the investment-grade backstop is finalized. With January’s AMD lease, Riot has contracted 241 MW and $9.8B in just over six months — against $23.2M of Q2 data-center revenue.

• Phillips 66, Kinder Morgan and HF Sinclair sanctioned the 1,300-mile refined-products system Aug. 11, split 49.9%, 35.1% and 15.0%. The core is some 900 miles of new 20- and 24-inch pipe from Borger, Texas, to Phoenix, at up to 230,000 bbl/d.

• Enterprise value is about $5.0B: $2.5B of cash from Phillips 66, $750M from HF Sinclair, $250M plus $1.5B of assets from Kinder Morgan, whose SFPP West Line reverses toward California. Primarily 10-year take-or-pay, targeting 2029.

• ERock booked a 470 MW equipment order from Anthropic that fills production slots into 2028. Backlog hit some $1.7B, up from $1.3B in Q1 and roughly 10x year over year. Order value, sites and cadence were withheld; that $1.7B is companywide, not Anthropic’s ticket.

• The constraint is the factory, not the customer. Q2 revenue fell to $39.9M from $68.5M, adjusted EBITDA was negative $14.0M, and 2026 guidance is $435M–$465M of revenue on $3M–$9M of EBITDA. ERock broke ground on 366 MW at El Paso Electric for Meta.

• NVIDIA signed MOUs with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to stand up independent platforms meant to mobilize more than $500B of third-party capital, funding capacity for frontier labs and AI clouds on long-duration, usage-linked terms.

• This is not NVIDIA committing $500B, and it is not one fund. The partnerships still need final agreements; commitments, structures, leverage, megawatts and schedules are undisclosed. Financing solves the compute bill. It does not build substations any faster.

• Fermi’s first binding lease at Project Matador goes to TensorWave, an AMD-GPU-based AI cloud, for 222 MW of total facility power at final delivery. The initial 15-year term should generate some $6.5B, with two five-year renewals and phased delivery from 2H27.

• Expansion rights on two more data centers could take it past 650 MW. Fermi says roughly 6 GW of the planned 17 GW campus is permitted, more than $1.5B is invested and first power is still targeted for 2026. The lease still needs project guaranties and financing.

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