Riot Platforms, a bitcoin miner turning its Texas power sites into AI campuses, has signed a $28 billion agreement with Anthropic that could leave it paying the Claude developer 12% interest on billions in construction costs.
The deal covers 910 megawatts at Riot’s Corsicana campus, with capacity arriving in phases through July 2028. Riot supplies the land and electrical infrastructure, and Anthropic installs and runs the computing equipment. Riot expects average annual rent of about $1.8 billion over the 15-year initial term once everything is running.
Getting there is expensive, however. The earnings presentation released Wednesday puts the total cost at roughly $5.5 billion. About $1.8 billion of that is Riot’s own site and electrical work, and up to $3.6 billion goes to reimbursing Anthropic for its datacenter facilities. Those reimbursements depend on actual eligible costs and come due after each phase is delivered and starts earning rent.
Riot plans to borrow most of it. Its financing illustration assumes lenders cover 80% to 90% of the project’s cost, leaving Riot to put in roughly $500 million to $1.1 billion in cash. The financing process is set to launch in 2027.
