Riot Platforms names Anthropic as $28B Corsicana tenant

Riot Platforms' third-quarter filing identifies Anthropic as the frontier AI lab behind the 15-year, 910 MW powered-land lease covering its entire Corsicana, Texas campus, an agreement valued at roughly $28 billion over the initial term and up to about $54 billion if both five-year extensions are exercised.

The lease was signed October 28 and became effective November 4, sitting on a contiguous 332-acre parcel in Navarro County. DatacenterDynamics first described the tenant only as a "leading frontier AI lab" before the quarterly filing named the counterparty. Average annual rent runs around $1.8 billion, with monthly base rent starting at $130 per kilowatt and a 3% annual escalator. Capacity delivers in three tranches: 400 MW in September 2027, 200 MW in January 2028, and 310 MW in July 2028, with rent on the full 910 MW due regardless of utilization.

CEO Jason Les called it "the largest lease in Riot's history."

With the Corsicana deal added to a 191 MW Rockdale lease identified in the filing as having the same tenant, Anthropic now accounts for 1,101 of Riot's 1,151 MW of contracted data-center capacity, which the company says delivers roughly $38 billion of long-term contracted revenue. AMD holds the remaining 50 MW. The structure is triple-net powered land, with Riot providing site, power infrastructure and powered pads while Anthropic installs the modular compute. Riot estimates total construction near $5.5 billion, split between about $1.8 billion for its own site and power work and up to $3.6 billion of reimbursements to Anthropic at up to $4 million per megawatt for facility modules. Any eligible facility costs Riot owes back carry a 12% interest rate, a clause flagged by investors parsing the filing.

It lands in a run of gigawatt-scale AI infrastructure disclosures we've tracked this quarter. Riot reported Q3 revenue of $181.4 million and $950.2 million of liquidity alongside the disclosure.