Bitcoin miner Riot Platforms has secured a 15-year lease for 910 megawatts of IT capacity at its entire Corsicana campus with Anthropic, a deal the company values at about $28 billion over the initial term.
In its Nov. 4 earnings release, CEO Jason Les called the agreement the largest lease in Riot's history. The company expects approximately $1.8 billion in average annual rent, including contractual increases.
The agreement brings Riot's contracted data center capacity to 1,151 MW, representing about $38 billion in long-term revenue. Anthropic is also the tenant under the 20-year, $9.1 billion lease for 191 MW at Rockdale announced in August. The remaining contracted capacity belongs to AMD.
The Corsicana agreement changes what Riot must build. Unlike the Rockdale lab's build-to-suit Tier 3 data center, it is a powered-land lease: Riot supplies land, power infrastructure and prepared sites, while the tenant installs, owns and operates modular computing facilities. The tenant bears substantially all operating costs, including electricity, and rent is payable on the full contracted capacity regardless of utilization.
Riot estimates its total capital requirement at $5.5 billion, including site and electrical work and reimbursements for the tenant's modules. It expects to finance those reimbursements with project debt. If suitable financing is unavailable, the tenant will fund that portion and receive credits against future rent; Riot's quarterly filing says those credits would amortize the amount plus interest at 12% annually over the remaining initial term.
Bitcoin Funds the Build-Out
The future rental income would reshape a business whose current revenue still depends principally on mining. Riot generated $116 million from bitcoin mining in the third quarter, about 64% of its $181.4 million total, according to The Defiant's calculation. Data center revenue was $18.4 million, including tenant fit-out reimbursements.
Riot sold 20,264 BTC for approximately $1.5 billion during the first nine months of 2026, primarily to fund data center development. It ended September with 2,418 BTC and $748.2 million in cash, including $79.2 million of restricted cash.
Mining operations also remain substantial. The filing reported deployed mining capacity of 44.9 exahashes per second as of Sept. 30: 16.6 at Corsicana, 15.4 at Rockdale and 12.9 in Kentucky. That puts an existing mining site at the center of the new AI commitment, rather than marking an immediate exit from mining.
The Corsicana lease became binding on Nov. 4. Its first block is targeted for June 2027, with the full 400 MW first phase due in September, another 200 MW in January 2028 and the final 310 MW in July 2028. Rent on each phase must begin no later than 60 days after delivery of its powered sites, according to Riot.