Bitcoin Magazine
Riot (RIOT) Names Anthropic as Tenant in $28 Billion Texas Lease, Could Owe It 12% Interest
Riot Platforms’ unnamed “Frontier AI Lab” is Anthropic, the bitcoin miner disclosed in its quarterly report filed Wednesday, naming the Claude developer as the tenant behind a 15-year lease worth about $28 billion on its Corsicana, Texas campus.
The company’s results release on the same day described the tenant only as a “leading Frontier AI Lab.” The 10-Q is more specific. It says a Riot subsidiary signed the lease on Oct. 28 “with Anthropic PBC (the ‘Frontier AI Lab’),” and the deal became binding on Nov. 4 after Riot’s board approved it and outside consultants signed off on the technical specifications.
The filing uses the same defined term for the tenant of Riot’s 191 MW Rockdale lease, signed in August. That makes Anthropic the counterparty on 1,101 MW of the 1,151 MW Riot has contracted. AMD holds the other 50 MW.
The Corsicana lease covers 910 MW of critical IT capacity across the whole campus. Base rent starts at $130 per kilowatt per month and rises 3% a year. At that starting rate, the full 910 MW would bring in about $1.42 billion a year. Riot puts average annual rent at about $1.8 billion over the initial term, or roughly $54 billion in total if Anthropic exercises both five-year extensions.
The detail drawing attention sits in the financing terms. 6 billion across the full 910 MW.
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