Nov 5, 2026, 4:36 a.m. EST
2 min read
Summary
- Riot Platforms finalized a 15-year, $28 billion contract to supply Anthropic with 910 megawatts of capacity at its Texas facility, with yearly rent anticipated to average roughly $1.8 billion upon full deployment.
- The undertaking is projected to require about $5.5 billion, which includes up to $3.6 billion in refunds to Anthropic, allowing them to offset eligible building expenses through rent reductions featuring a 12 percent yearly interest rate.
- Riot intends to fund the majority of construction expenses through borrowing and has liquidated approximately $1.5 billion in bitcoin to aid its data center growth and settle a loan, with the initial capacity slated to begin generating rent by June 2027.
Riot Platforms, a bitcoin mining enterprise converting its Texas energy locations into artificial intelligence hubs, has struck a $28 billion contract with Anthropic that may result in it paying the Claude creator a 12% interest rate on billions of dollars in development expenses.
The agreement spans 910 megawatts across Riot’s Corsicana facility, with power scaling up in stages through July 2028. Riot provides the real estate and power grid setup, while Anthropic deploys and operates the hardware. Riot anticipates an average yearly rental income of about $1.8 billion across the initial 15-year period once fully operational.
Achieving this, nevertheless, requires substantial capital. The earnings presentation published Wednesday estimates the aggregate expense at approximately $5.5 billion. Around $1.8 billion of that figure represents Riot’s personal location and electrical labor, whereas up to $3.6 billion is allocated for reimbursing Anthropic for its server farm facilities. These refunds rely on actual qualified costs and become payable once each phase is finished and begins producing rental revenue.
Riot plans to finance the bulk of the amount through loans. Its financial projections indicate that creditors will finance 80% to 90% of the initiative’s expense, requiring Riot to contribute roughly $500 million to $1.1 billion in liquid funds. The capital-raising phase is scheduled to commence in 2027.
Under those circumstances, Anthropic can recoup qualified module expenses by subtracting them from upcoming rent payments, alongside an annual interest rate of 12%, according to Riot’s quarterly report.
CoinDesk has reached out to Riot to inquire about the remaining rental income it would receive following those deductions, whether it holds the option to settle the reimbursement ahead of schedule, and what interest rate it aims to secure for the initiative’s debt.
Riot has already been liquidating bitcoin holdings to support its transition into data centers. During the initial nine months of 2026, it sold 20,264 BTC for roughly $1.5 billion, primarily to finance data center development and clear its $200 million Coinbase debt. Only 2,418 BTC remained by the close of September, and Riot anticipates continuing to liquidate virtually all newly generated coins.
Riot states that it currently does not plan to offer new equity shares to finance its announced initiatives. The initial Corsicana capacity is targeted for June 2027, at which point it can begin generating rent.
Originally published at https://www.coindesk.com/tech/2026/11/05/bitcoin-miner-riot-could-pay-anthropic-12-interest-under-usd28-billion-ai-deal.
