CryptoSlate
Riot Platforms needs Anthropic's consent to voluntarily curtail the AI company's power load at its planned Corsicana data center, under a binding lease valued at approximately $28 billion in initial-term revenue. The agreement covers 910 megawatts of critical IT capacity, targeted for phased delivery through July 2028. Mandatory utility or grid-operator orders are exempt from the consent requirement.
Why it matters
Riot's Bitcoin mining strategy has included voluntarily reducing consumption during Texas summer peaks and selling unused or uneconomic contracted power. It reported $25 million in companywide power-curtailment credits in the third quarter. The lease does not quantify any curtailment income Riot might forgo, while Anthropic will pay the site's electricity bill.
The $28 billion represents future revenue, including annual escalators before amortization of tenant reimbursements, not cash already received or profit. Riot estimates roughly $5.5 billion in hard costs, including site work and tenant module reimbursements.
Market impact
The first capacity block is targeted for June 28, 2027, with the full 400 MW first phase due that September. A further 200 MW is targeted for January 2028 and the final 310 MW for July 2028. Rent starts pad by pad at $130 per kilowatt of delivered critical IT capacity per month, rising 3% annually.
Financing and delivery will affect cash returns. If Riot cannot obtain financing on acceptable terms for eligible module reimbursements after commercially reasonable efforts, it will instead issue rent credits that reduce cash collected. Delays of more than 60 days trigger escalating rent credits, while a phase delayed beyond 270 days can be terminated subject to cure rights and specified extensions.
Frequently asked questions
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Can Riot cut Anthropic's power use during a grid emergency?
Mandatory orders from the utility or grid operator are exempt from the lease's consent requirement. Voluntary cuts to Anthropic's tenant load require its consent.
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When is Riot expected to deliver the Corsicana capacity?
The first block is targeted for June 28, 2027, with the full 400 MW first phase due that September. Another 200 MW is targeted for January 2028 and the final 310 MW for July 2028.
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How much does Anthropic's base rent start at?
Base rent starts at $130 per kilowatt of delivered critical IT capacity per month and increases 3% annually. Rent begins pad by pad.
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Why is the $28 billion lease value different from Riot's cash return?
The figure represents future initial-term revenue before amortization of tenant reimbursements, not cash already received or profit. Construction costs and potential rent credits also affect cash returns.
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What happens if Riot delivers capacity late?
Delays of more than 60 days trigger escalating rent credits. A phase delayed beyond 270 days can be terminated, subject to cure rights and specified extensions.
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