What happened
Riot Platforms has secured a 15-year agreement with Anthropic to develop and host 910 megawatts of AI data center capacity at its Corsicana, Texas, campus. Under the deal, valued at $28 billion, Riot is responsible for providing the land and electrical infrastructure, while Anthropic will install and operate its own computing equipment. The project is expected to cost approximately $5.5 billion to build, with Riot estimating its own site and electrical work at $1.8 billion and allocating up to $3.6 billion for reimbursing Anthropic for facility costs. The first phase of capacity is scheduled to come online in June 2027, with subsequent phases rolling out through July 2028.
Riot Platforms has finalized a 15-year agreement with Anthropic to host 910 megawatts of AI computing capacity at its Corsicana, Texas, campus. The deal, which carries a headline value of $28 billion, involves a division of labor where Riot provides the land and power infrastructure, and Anthropic manages the installation and operation of its AI computing hardware.
The total development cost for the project is estimated at $5.5 billion. Riot expects to spend approximately $1.8 billion on site and electrical infrastructure, while up to $3.6 billion is earmarked for reimbursing Anthropic for eligible facility costs. These reimbursements are structured to be recovered through deductions from future rent payments, with interest accruing at 12% per year on the eligible costs.
The project is scheduled to come online in phases, with the first capacity expected in June 2027 and full operational status anticipated by July 2028. Riot expects to begin receiving rent as each phase is delivered and becomes operational, rather than receiving a lump sum or immediate revenue upon signing.
To fund this expansion, Riot has been selling its Bitcoin holdings. In the first nine months of 2026, the company sold 20,264 BTC for approximately $1.5 billion to support data center development and debt repayment. As of the end of September 2026, the company held 2,418 BTC and stated it intends to continue selling substantially all newly mined Bitcoin to finance its infrastructure projects.
Source details: bitcoinfoundation.org
Why it matters
This agreement represents a significant pivot for Riot Platforms, a Bitcoin mining company, as it transitions its existing power and land assets into the AI infrastructure market. By leveraging its Texas site, Riot aims to generate an average annual rent of approximately $1.8 billion once the full 910 MW capacity is operational. The deal highlights the growing demand for specialized data center space among AI developers like Anthropic. However, the project's financial success depends on Riot's ability to secure substantial debt financing, which it expects to initiate in 2027, and the management of complex reimbursement structures involving a 12% annual interest rate on eligible facility costs.
The deal marks a strategic shift for Riot, moving the company beyond its core Bitcoin mining business into the high-demand sector of AI data center hosting. By repurposing its Texas power capacity, Riot is attempting to create a long-term, stable revenue stream through rental income.
The financial structure of the deal is complex, involving significant construction costs and a reliance on external financing. Riot's current plan assumes that lenders will provide 80% to 90% of the $5.5 billion required for construction. The actual terms of this debt, which Riot plans to arrange in 2027, will be the primary determinant of the project's ultimate profitability.
The 12% interest rate applied to Anthropic's facility cost reimbursements is a significant financial detail. Because these reimbursements are deducted from future rent, the net income Riot retains will be sensitive to the total amount of eligible costs incurred and the timing of the phase deliveries.
The project underscores the intense competition for power and land among AI companies. Anthropic's commitment to a 15-year term provides a long-term anchor for Riot's infrastructure, but the success of the arrangement is contingent on the successful execution of a multi-year construction and financing schedule.
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What to watch next
The primary focus will be on Riot's ability to secure the necessary debt financing in 2027, as the company currently relies on an illustration that assumes lenders will cover 80% to 90% of the $5.5 billion construction cost. Investors should monitor the actual borrowing terms, as these will dictate the project's net profitability. Additionally, the timeline for the phased delivery of capacity starting in June 2027 will be a critical indicator of the project's operational viability. The impact of the 12% interest rate on Anthropic's cost reimbursements and how these deductions affect Riot's net rental income remain key variables to track as the campus build-out progresses.
The most critical milestone is the commencement of the financing process in 2027. The terms secured from lenders will confirm whether Riot can avoid issuing new equity to fund the $5.5 billion construction program, as the company currently intends.
Operational progress will be measured by the delivery of the first phase in June 2027. Any delays in construction or the installation of Anthropic's computing equipment could impact the start of rental revenue and the overall project timeline.
Investors should watch for disclosures regarding the net rental income after accounting for the 12% interest-bearing reimbursements. The gross rental expectation of $1.8 billion annually is not a net profit figure, and the actual cash flow will depend on the final cost of the facility build-out.
Riot's ongoing Bitcoin mining strategy remains a factor. As the company continues to sell its newly mined Bitcoin to fund infrastructure, its treasury will remain tied to the pace of the Corsicana development, making the company's financial health sensitive to both Bitcoin market prices and the progress of the AI campus.