CoinDesk
Riot Platforms signed a 15-year agreement to provide Anthropic with 910 megawatts of capacity at its Corsicana, Texas, campus. Average annual rent is expected to reach about $1.8 billion once the site is fully operational, with capacity arriving in phases through July 2028.
The project is expected to cost roughly $5.5 billion, including about $1.8 billion for Riot’s site and electrical work and up to $3.6 billion in reimbursements to Anthropic for eligible data-center costs. Anthropic can recover eligible module costs through deductions from future rent, carrying 12% annual interest. The first capacity is scheduled to begin earning rent in June 2027.
Why it matters
The agreement marks a substantial shift for Riot from bitcoin mining toward power-intensive AI infrastructure. Riot supplies the land and electrical infrastructure, while Anthropic installs and operates the computing equipment. The contract gives Riot a long-term customer and a path to recurring rent, while making the economics dependent on construction, financing and the timing of capacity delivery.
Riot’s financing illustration assumes lenders cover 80% to 90% of project costs, leaving the company to contribute roughly $500 million to $1.1 billion in cash. The company plans to launch the financing process in 2027 and says it does not currently expect to issue new shares for its announced projects.
Market impact
Riot has already sold 20,264 BTC for about $1.5 billion during the first nine months of 2026, primarily to fund data-center development and repay a $200 million Coinbase loan. It held 2,418 BTC at the end of September and expects to keep selling substantially all newly mined bitcoin.
For investors, the deal puts the scale of Riot’s AI ambitions alongside the costs and financing risks. The key milestones are bringing capacity online on schedule, securing project debt and generating rent after Anthropic’s cost-recovery deductions.
Frequently asked questions
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How much capacity will Riot provide to Anthropic?
The agreement covers 910 megawatts at Riot’s Corsicana campus in Texas. Capacity is expected to arrive in phases through July 2028.
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How can Anthropic recover eligible construction costs?
Anthropic can deduct eligible module costs from future rent. Those deductions carry 12% annual interest.
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How does Riot plan to finance the data-center project?
Riot’s financing illustration assumes lenders cover 80% to 90% of project costs, with Riot contributing roughly $500 million to $1.1 billion in cash.
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How much bitcoin has Riot sold to support its data-center expansion?
Riot sold 20,264 BTC for about $1.5 billion in the first nine months of 2026, mostly to fund data-center development and repay a $200 million Coinbase loan.
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When is Riot’s Corsicana campus expected to start earning rent?
The first capacity is scheduled to begin earning rent in June 2027. The full agreement covers phased capacity delivery through July 2028.
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