Riot Platforms (Provider) · Anthropic (Buyer)
- Value
- approximately $28B
- $54B with all options
- Capacity / term
- 910 MW · 15y
- $2.05M per MW-year
- First revenue
- 2027-09
Surfaced via the EDGAR watchlist hit on Riot's 8-K filed 2026-11-04 (accession 0001104659-26-122368). Arithmetic: $28B over 15 years on 910 MW is about $2.05M per MW per year; stated $1.8B average annual rent over 910 MW is about $1.98M, consistent with a land-and-power lease and above the Rockdale row's shell-style rate. No Bloomberg, Reuters or CNBC piece was found in-session; the figures rest on the company's own release and 8-K.
Conditions: 15-year triple-net powered land lease of Riot's entire 332-acre Corsicana, Texas campus; Riot delivers land, power infrastructure and powered pads, and the tenant deploys compute and pays substantially all operating costs. Rent is payable on the full 910 MW irrespective of utilization. About $1.8B average annual rent including escalators; two 5-year extension options would take total value to about $54B (max_with_options_usd). Delivery in three phases: 400 MW in September 2027, 200 MW in January 2028, 310 MW in July 2028; rent on each phase starts no later than 60 days after its powered pads are delivered, so revenue_start is the first phase's delivery month, not first rent. Capital cost about $6M per IT MW; Riot funds $2M per MW and the remaining $4M per MW is reimbursed to the tenant after each phase pays rent, from non-recourse project debt, or else funded by the tenant and recovered as a rent credit. Riot's press release and 8-K name only 'a leading Frontier AI Lab'. Bitcoin Magazine reports that Riot's 10-Q names Anthropic PBC as the tenant (lease signed 2026-10-28, binding 2026-11-04); that filing could not be opened from this session, so the tenant is carried as Anthropic on a single secondary report plus Riot's statement that the Rockdale tenant is the same lab (Rockdale's tenant was identified as Anthropic by Bloomberg). Riot's portfolio total of 1,151 MW and about $38B includes this row, the Rockdale row and the AMD contract.