Riot Platforms signs 15‑year $28 billion AI data‑center lease with Anthropic
Riot Platforms announced a 15‑year lease of its entire Corsicana, Texas campus to AI lab Anthropic, valued at roughly $28 billion. The lease covers 910 MW of capacity, generates about $1.8 billion of annual rent, and costs Riot about $6 million per megawatt – roughly half the cost of a typical build. Riot plans to fund 80‑90% of the project with debt and does not expect to issue equity, while a $573 million bridge loan must be refinanced by Dec. 31.
Why it matters
The lease could lift Riot’s 2028 revenue to $1.75 billion, up from prior expectations of $1.21 billion. Investors will watch whether the company can refinance the $573 million bridge loan without a new equity raise, which would avoid dilution.
Key facts
- 1Riot signed a 15‑year lease of its Corsicana campus to Anthropic valued at about $28 billion. tokenpost.com
- 2The lease covers 910 MW of capacity and obligates Anthropic to pay roughly $1.8 billion of rent per year. finance.yahoo.com
- 3Riot’s cost is about $6 million per IT megawatt, roughly half the cost of a typical Tier‑3 build. tikr.com
- 4Riot expects a roughly 99% NOI margin on the lease. tikr.com
- 5Riot plans to fund 80‑90% of the project with debt and does not anticipate issuing equity. tokenpost.com
- 6The company must refinance a $573 million bridge loan by Dec. 31, with a backstop being finalized. finance.yahoo.com
Summary written by AlphAI AI Desk from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.