Riot Secures $28 Billion AI Lease, Granting Anthropic Authority Over Voluntary Power Curtailments

Riot Platforms has entered into a binding lease agreement with AI company Anthropic for 910 megawatts of critical IT capacity at its Corsicana facility, effective November 4. Under the terms of the agreement, any voluntary reduction of the tenant’s power load—or participation in a demand‑response program—requires Anthropic’s consent, except when mandated by the utility or grid operator.

The lease, disclosed in Riot’s quarterly filing, stipulates that Riot must obtain Anthropic’s approval before curtailing load or enrolling the site in voluntary demand‑response programs. The initial term generates approximately $28 billion in revenue, reflecting future lease payments and annual escalations, not current cash receipts.

Rent begins per delivered pad, with up to a 60‑day deferral if Anthropic’s modules are not installed at the scheduled delivery. Payment is independent of utilization once capacity is delivered. Riot is responsible for constructing and maintaining the power infrastructure, while Anthropic covers electricity, taxes, insurance, and site expenses. Riot may reimburse Anthropic for eligible module costs, up to $4 million per megawatt of critical IT power achieved, subject to financing conditions.

The phased delivery schedule targets the first 400 MW block by September 2027, a 200 MW phase in January 2028, and the final 310 MW by July 2028. If delivery exceeds 60 days, escalating rent credits apply, capped at 270 days of base rent per undelivered block; a phase delayed beyond 270 days may be terminated with 30 days’ notice, subject to cure rights.

Riot’s mining strategy now incorporates the ability to sell under‑utilized power at Rockdale and to voluntarily curtail consumption during Texas summer peaks, a practice that generated $25 million in power‑curtailment credits in Q3. The Corsicana lease exemplifies the shift from flexible mining power use to AI‑driven load that is contingent on tenant consent.

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