Riot Platforms’ $28B Anthropic Lease Reshapes Its AI Pivot

Riot Platforms has named Anthropic as the tenant for a 15-year lease covering up to 910 megawatts at its Corsicana, Texas, data centre campus. The deal is valued at about $28 billion, with delivery planned in phases through July 2028 and rent expected to begin in June 2027. Anthropic also leases 191 MW at Riot’s Rockdale site, bringing its contracted capacity with Riot to 1,101 MW. Riot estimates average annual Corsicana rent of about $1.8 billion once the site is fully operational. The headline value comes with a significant cost-recovery provision. Riot may reimburse Anthropic up to about $3.6 billion for qualifying data-centre modules. If Riot cannot obtain financing on acceptable terms, it can provide rent credits instead, with 12% annual interest added. These deductions could reduce Riot’s rental income until the costs and interest are recovered. Riot estimates total project costs of roughly $5.5 billion and expects debt to finance 80%–90% of costs, including through non-recourse project financing. It says it does not currently expect to issue shares. The lease also includes protections for Anthropic against late delivery and certain changes of control. The agreement underscores Riot Platforms’ shift from Bitcoin mining to AI data centres and digital infrastructure. Riot has sold substantially all of the Bitcoin it mines to help fund expansion. It sold 20,264 BTC for about $1.5 billion in the first nine months of 2026, mainly to finance data-centre development and repay a $200 million Coinbase loan, and held 2,418 BTC at the end of September. For traders, the lease offers a potential long-term revenue stream, but financing costs, rent offsets, construction deadlines and continued Bitcoin sales are key risks. The deal is primarily a company-specific development rather than a direct catalyst for Bitcoin’s price.