Ribonuclease L (RNase L) is an endoribonuclease that is activated upon binding of adenosine oligomers linked 2' to 5' to cleave viral and cellular RNAs. We recently proposed a model for activation in which activator A binds to monomer, E, to form EA, which subsequently dimerizes to the active form, E2A2 (Cole, J. L., Carroll, S. S., and Kuo, L. C. (1996) J. Biol. Chem. 271, 3978-3981). Here, we have employed this model to define the equilibrium constants for activator binding (Ka) and dimerization of EA to E2A2 (Kd) by equilibrium analytical ultracentrifugation and fluorescence measurements. Multi-wavelength sedimentation data were globally fit to the model above, yielding values of Ka = 1.69 microM and Kd = 17. 8 nM for 2',5'-linked adenosine trimer. Fluorescent conjugates of 2',5'-linked adenosine trimer with 7-hydroxycoumarin have been prepared. The coumarin emission anisotropy shows a large increases upon binding to RNase L. Analysis of anisotropy titrations yields values of Ka and Kd close to those obtained by sedimentation. The sedimentation parameters for unmodified 2',5'-linked adenosine trimer also agree with those obtained by enzyme kinetic methods (Carroll, S. S., Cole, J. L., Viscount, T., Geib, J., Gehman, J., and Kuo, L. C. (1997) J. Biol. Chem. 272, 19193-19198). Thus, the data presented here clearly define the energetics of RNase L activation and support the minimal activation model.