Riot Platforms Inks $28 Billion Deal With Anthropic

Riot Platforms has identified Anthropic as the partner behind a 15-year lease agreement at its Corsicana campus in Texas. The deal involves 910 megawatts of information technology capacity and carries an estimated total value of $28 billion over the initial term.

The company's official filing details a reimbursement structure for construction costs that could reach $3.6 billion. If Riot fails to raise capital in the market to cover these expenses, Anthropic may finance the construction at a 12% annual interest rate deducted from rent credits.

The contract imposes significant operational restrictions on the crypto miner. Riot will require Anthropic's authorization to perform voluntary load shedding or participate in demand response programs, although mandatory grid orders remain exempt from this requirement.

The delivery of total capacity will occur in phases starting in June 2027. Anthropic now stands as a counterparty for a large portion of Riot's infrastructure, cementing the miner's strategic shift toward the artificial intelligence sector.

The business model reflects the growing demand for data center infrastructure geared toward processing advanced AI models. The integration of large power loads between miners and tech labs tends to increase efficiency in the allocation of high-performance chips and energy infrastructure.