Riot Platforms has leased its Corsicana, Texas, campus to Anthropic for 15 years, committing 910 megawatts of capacity in a deal valued at about $28 billion that expands its shift from Bitcoin mining to AI infrastructure.
The agreement was signed Oct. 28 and took effect Nov. 4. Anthropic has two five-year renewal options that could raise the deal’s total value to about $54 billion. Once the full campus is online, average annual rent is expected to reach about $1.8 billion.
Riot plans to deliver the capacity in three phases: 400 megawatts beginning in June 2027, another 200 megawatts in January 2028 and the final 310 megawatts in July 2028. The first phase is scheduled for full delivery by September 2027. Anthropic will cover electricity, taxes, insurance and site costs, and will install and operate its own computing equipment.
The financing terms include a 12% annual interest rate if Anthropic advances funds for data-center modules. If Riot makes a good-faith effort but cannot obtain financing on reasonably acceptable terms, Anthropic may fund those costs, capped at $4 million per megawatt. Riot would repay the advances through rent credits over the remaining lease term, with interest.
The deal follows Riot’s August lease of 191 megawatts at its Rockdale site to Anthropic.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to [email protected].
