Riot Platforms Signs $28 Billion Lease With Anthropic for 910 MW Corsicana Campus

Riot Platforms signed a 15-year triple-net powered-land lease on October 28, 2026, effective November 4, with Anthropic for the entire 910 MW Corsicana campus in Texas. The agreement covers 332 contiguous acres and carries an initial contract value of roughly $28 billion.

Lease Terms and Delivery Schedule

The lease operates on a take-or-pay basis at $130 per kW-month for the full 910 MW capacity. Anthropic covers nearly all operating costs, including power as a pass-through expense, producing an estimated 99 percent net operating income margin for Riot. Base rent includes 3 percent annual escalators, and the tenant may extend the term for two additional five-year periods that could raise total payments to approximately $54 billion.

Power delivery follows a phased schedule. The first 400 MW block is targeted for September 2027, followed by 200 MW in January 2028 and the remaining 310 MW in July 2028. Rent for each phase begins no later than 60 days after the powered pad is delivered. Riot estimates total capital expenditure at $5.5 billion, or about $6 million per IT MW, with the company funding site and electrical work up to $2 million per MW and reimbursing the tenant up to $4 million per MW after rent commencement.

Riot plans to finance the project through project-level debt and existing liquidity of $950 million in cash and bitcoin at the end of the third quarter. No equity issuance is currently anticipated. The same tenant already occupies a 191 MW facility at Riot’s Rockdale site under an earlier agreement signed in August 2026, bringing Riot’s total contracted AI capacity to 1,151 MW across three 2026 leases.

Financial Context and Portfolio Transition

In its third-quarter 2026 results, released alongside the lease announcement, Riot reported revenue of $181.4 million, up 1 percent year over year, with data-center revenue contributing $18.4 million. The company sold 20,264 bitcoin year-to-date for roughly $1.5 billion, primarily to fund development. Corsicana mining operations are scheduled to wind down beginning in summer 2027 as the AI lease phases come online.

The Corsicana agreement represents the largest single data-center lease Riot has executed to date. Combined with prior contracts, the three 2026 leases generate approximately $38 billion in contracted revenue. Management stated during the earnings call that full portfolio deployment remains targeted for mid-2028, with lease revenue expected to ramp materially from 2027 onward.

Market Reaction and Execution Outlook

Riot shares rose between 13 and 19 percent intraday and pre-market on November 4 following the announcement. Investors focused on the long-term visibility provided by the take-or-pay structure and the shift away from variable bitcoin mining economics. Execution now centers on completing site work, securing project financing, and meeting the phased delivery milestones through 2028. The company indicated it will provide further updates on financing and construction progress in subsequent quarterly reports.