Riot and Anthropic lease agreement includes a backup clause with 12% annual interest.

Riot Platforms’ Corsicana data center lease with Anthropic took effect on November 4, covering up to 910 MW of critical IT load delivered in three phases, with the first capacity targeted for June 28, 2027, and the third for July 30, 2028. Riot will reimburse Anthropic for part of the data center module costs at up to $4 million per MW of achieved critical IT capacity, contingent on Riot securing financing on market terms it reasonably accepts. If Riot cannot obtain that financing after commercially reasonable efforts, it will amortize the cost plus 12% annual interest through rent credits over the remaining initial lease term. The structure matters because it shifts part of the capital burden and financing risk onto the landlord while tying payments to delivered power capacity. Watch Riot’s financing progress and the phased energization schedule, since any funding shortfall would push costs into rent credits carrying 12% annual interest.