Riot’s Texas AI Data Center Lease with Anthropic Valued at $28 Billion

Texas lease — Riot Platforms has identified AI firm Anthropic as the tenant behind a $28 billion, 15-year data center lease at its Corsicana, Texas campus, a deal that includes a potential 12% interest payment clause.

The lease, detailed in Riot’s quarterly filing, covers 910 megawatts of capacity, with base rent starting at $130 per kilowatt per month. If Riot fails to secure financing to reimburse Anthropic for data center construction costs, it will provide rent credits amortized at a 12% annual interest rate. The miner expects to fund the build-out via project debt and has been selling its bitcoin production to finance the pivot.

Under the agreement, delivery deadlines for the capacity are phased between 2027 and 2028. Riot bears most of the delivery risk, with significant termination rights in favor of Anthropic if deadlines are missed.

The company stated in its filing that it expects to “continue to sell substantially all of the bitcoin we mine,” marking a strategic departure from other miners who retain bitcoin on their balance sheets. The total lease value could reach roughly $54 billion if Anthropic exercises two five-year extension options.