From Bitcoin Miner to a $28 Billion Artificial Intelligence Deal: Part of the Revenue May Go to Interest

Riot Platforms signed a $28 billion AI infrastructure deal with Anthropic, tying future lease revenue from its Bitcoin mining sites to the repayment of billions of dollars in facility costs at an annual interest rate of 12%. The arrangement effectively converts part of Riot's mining-derived income into debt service, with a portion of the proceeds earmarked for interest payments rather than retained cash flow. The deal underscores how Bitcoin miners are increasingly repurposing power capacity and data-center infrastructure for AI compute contracts as a hedge against mining volatility. Watch for the final financing structure and drawdown schedule, since the 12% carry could weigh on Riot's cash flow if lease revenue ramps slower than expected.