Riot Platforms Names Anthropic as Tenant for $28 Billion Texas Data Center Lease

Riot Platforms Inc. has officially identified the AI lab behind its significant 910 MW Corsicana lease as Anthropic, the developer of Claude. While initial company releases referred only to a "Frontier AI Lab," a recent 10-Q filing confirmed the identity of the tenant and provided details on the 15-year agreement, which carries a total potential value of $28 billion. The deal, which became binding on November 4, covers nearly all of the 1,151 MW of capacity Riot has contracted, with the exception of 50 MW held by AMD. Investors tracking Riot Platforms Inc. have noted the scale of this infrastructure expansion.

Financial Terms and Construction Risks

The lease agreement includes specific provisions regarding the financing of data center modules. Riot has agreed to reimburse Anthropic up to $4 million per megawatt for installation costs, totaling approximately $3.6 billion. The company intends to fund these reimbursements through non-recourse project debt rather than issuing new equity. However, if Riot cannot secure financing on acceptable market terms, the contract stipulates that the company will provide rent credits to Anthropic. These credits would amortize the costs at an interest rate of 12% per year over the remainder of the initial lease term.

Riot Platforms may owe Anthropic 12% interest on $3.6 billion if it fails to secure project financing.

Delivery risks remain a primary focus, as the lease mandates capacity delivery in three distinct phases between June 2027 and July 2028. Failure to meet these deadlines could result in escalating rent credits for the tenant, and in cases of significant delays, Anthropic maintains the right to terminate specific phases of the lease. Furthermore, the agreement limits Riot’s ability to curtail power loads or participate in demand response programs, marking a shift from the company's previous operational model.

Strategic Shift in Bitcoin Holdings

To fund this extensive infrastructure build, Riot has consistently sold its bitcoin production throughout the year. The company reported selling 20,264 BTC for approximately $1.5 billion during the first nine months of 2026. Management indicated that it does not expect to accumulate significant bitcoin holdings in the near term, opting instead to prioritize the development of its data center capacity. This approach contrasts with other miners who have focused on holding assets to capitalize on market gains.

Why it matters

This agreement represents a major pivot for Riot Platforms as it transitions from a pure-play bitcoin miner to a large-scale data center infrastructure provider. By securing a long-term commitment from a major AI lab, the company is diversifying its revenue streams away from the volatility of cryptocurrency markets.

For the broader industry, the deal highlights the increasing demand for high-capacity power sites to support artificial intelligence development. The specific financing terms, including the potential 12% interest penalty, underscore the high capital requirements and risks associated with building out massive "Frontier AI" infrastructure in Texas.