Riot Platforms Signs $28 Billion Lease with Anthropic for Texas Data Center

Riot Platforms has disclosed that Anthropic, a leading AI development company, is the tenant behind a substantial 15-year lease worth around $28 billion for a data center located in Corsicana, Texas. This agreement, which covers 910 MW of critical IT capacity, was formalized on October 28, 2023, and became binding on November 4 after approval from Riot’s board.

The lease stipulates that base rent will start at $130 per kilowatt per month, with an annual increase of 3%. Riot anticipates that the total rent could reach approximately $54 billion if Anthropic opts for both five-year extensions. A notable aspect of the lease is the financing arrangement, where Riot has agreed to reimburse Anthropic for up to $4 million per megawatt for data center modules, totaling around $3.6 billion for the entire capacity.

If Riot is unable to secure financing on acceptable terms, it will provide Anthropic with rent credits that accrue interest at a rate of 12% per year. This arrangement allows Anthropic to effectively finance the construction of the data center while recovering costs through rent payments.

The lease also places significant delivery risk on Riot, with capacity being delivered in three phases from mid-2027 to mid-2028. If Riot fails to meet delivery deadlines, Anthropic is entitled to escalating rent credits and can terminate the lease for undelivered phases. Additionally, Riot cannot reduce Anthropic's power load or enroll the site in voluntary demand response programs without Anthropic's consent, marking a shift in operational control.

Riot has been selling bitcoin throughout the year to fund its data center initiatives, having sold over 20,000 BTC for approximately $1.5 billion in the first nine months of 2026. The company does not expect to accumulate significant bitcoin holdings in the near future, contrasting with other miners who have benefited from rising bitcoin values.