Riot Platforms has leased the whole of its Corsicana campus in Navarro County, Texas to Anthropic, under a 15 year triple-net powered land lease covering 910 MW of critical IT capacity on a contiguous 332 acre parcel. Riot’s third quarter results release, published on November 4, described the tenant only as a leading frontier AI lab and put the contract at approximately $28 billion of total value over the initial term, about $1.8 billion of average annual rent including escalators, rising to approximately $54 billion if both five year extension options are exercised. The company’s Form 10-Q, filed the same day, names the tenant: Anthropic PBC, the same counterparty as Riot’s 191 MW lease at its Rockdale campus earlier this year.
The filing’s terms are specific. Riot Corsicana, a wholly owned subsidiary, signed the lease on October 28, and it became effective on November 4 after approval by Riot’s board and approval of the technical specifications by third party consultants. Base rent is $130.0 per kilowatt of critical IT load capacity per month for each delivered block, escalating 3 percent annually, and as a triple-net lease Anthropic also bears taxes, insurance, site expenses and the cost of electricity consumed. Riot is responsible at its own cost for constructing and delivering the power and site infrastructure and for operating and maintaining the power infrastructure, and it will reimburse Anthropic for certain data centre module costs of up to $4.0 million per MW actually achieved, subject to obtaining financing on acceptable terms, with rent credits at 12 percent interest as the fallback if that financing is not available.
Delivery runs in three phases across 40 blocks: 400 MW targeted to commence in full on September 11, 2027, a further 200 MW on January 28, 2028, and the final 310 MW on July 30, 2028. Chief executive Jason Les said total capital costs of approximately $6 million per IT megawatt mean the Corsicana development will require about half the capital of a Tier 3 build, and that the company does not currently anticipate issuing equity to fund its announced projects. With the AMD contract and the Rockdale lease, Riot has now contracted about 1.1 GW and approximately $38 billion of data centre revenue, which it expects to generate more than $2 billion of average annual net operating income at full deployment.
The counterparty concentration is the point to watch. Anthropic now sits behind both of Riot’s large AI leases, and the Corsicana rent does not begin until powered pads are delivered from mid 2027, so the $28 billion is a contracted pipeline against construction Riot still has to fund and finish, not current income: Riot’s third quarter revenue was $181.4 million, of which data centres contributed $18.4 million and bitcoin mining $116 million.