Riot Platforms' quarterly report identifies Anthropic as the tenant behind its Corsicana, Texas lease, worth about $28 billion over 15 years. The filing says Riot could owe Anthropic 12% interest if financing falls through, and that Riot expects to keep selling the bitcoin it mines.
Riot Platforms' unnamed AI tenant is Anthropic, the bitcoin miner disclosed in its quarterly report filed Wednesday. The filing names the Claude developer as the tenant behind a 15-year lease worth about $28 billion on the Corsicana campus.
The company's results release on the same day described the tenant only as a leading frontier AI lab. The 10-Q is more specific: a Riot subsidiary signed the lease on Oct. 28, and the deal became binding on Nov. 4 after Riot's board approved it. The same defined term covers the tenant of Riot's 191 MW Rockdale lease, which makes Anthropic the counterparty on 1,101 MW of the 1,151 MW Riot has contracted.
The 12% interest clause
The lease covers 910 MW of critical IT capacity, with base rent starting at $130 per kilowatt per month and rising 3% a year. Riot agreed to reimburse Anthropic up to $4 million per megawatt for the data center modules the tenant installs, or up to about $3.6 billion across the full 910 MW.
That reimbursement depends on Riot raising money on market terms reasonably acceptable to it. If that financing is unavailable, Riot will give Anthropic rent credits that amortize the amount plus interest at 12% per year over the rest of the initial term.
Riot's base case is different. The company expects to fund the reimbursements with non-recourse project debt sized to the contracted rent, and it puts the total capital requirement at about $5.5 billion. It does not currently expect to issue equity for the project.
Delivery deadlines and exit rights
Capacity arrives in three phases: 400 MW with a first block targeted for June 28, 2027, 200 MW starting Dec. 24, 2027 and 310 MW on July 30, 2028. If Riot delivers more than 60 days late, Anthropic earns escalating rent credits. If a phase is not delivered within 270 days of its target, Anthropic can terminate the lease for that phase on 30 days' notice.
Riot also cannot curtail Anthropic's power load or enroll the site in voluntary demand response programs without consent. Riot's own right to terminate is limited to uncured payment defaults and bankruptcy events.
Riot keeps selling bitcoin
The data center build is why Riot has been selling bitcoin all year. It sold 20,264 BTC for about $1.5 billion in the first nine months of 2026 and ended September with 2,418 BTC worth $202 million.
According to the 10-Q, the company expects to "continue to sell substantially all of the bitcoin we mine". The test for Riot now is whether lenders fund the Corsicana build on terms that keep the 12% clause on paper only.
Source: Bitcoin Magazine
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