Riot Platforms has secured a 15-year lease valued at about $28 billion for its Corsicana campus, marking a major step in its shift from Bitcoin (BTC) mining toward data center development.
The tenant, Anthropic PBC, will receive 910 megawatts of critical IT capacity. Riot puts average annual rent at about $1.8 billion. If both five-year extension options are exercised, the stated contract value could rise to about $54 billion; the initial-term value represents rent over time, not an upfront payment.
Riot Corsicana, LLC signed the lease Oct. 28, and it became effective and binding Nov. 4 after board and technical-specification approvals, according to Riot’s SEC filing. The 15-year initial term begins when the first capacity block commences, rather than on the effective date.
Riot’s filings do not give a standalone Q3 BTC sales figure. They report 9,665 BTC sold in the first half of 2026 and 20,264 BTC in the first nine months; subtracting the first figure from the second yields 10,599 BTC for Q3. Riot said proceeds from nine-month sales went mainly to data center development and repayment of a $200 million credit facility. It expects to sell substantially all the BTC it mines to fund development, operations and working capital.
Riot reported Bitcoin Mining revenue of $116.0 million in Q3, down from $160.8 million a year earlier. The company attributed the decline mainly to a lower average BTC price: $70,855, compared with $114,361.
Riot estimates total project capital costs of $5.5 billion. It budgets $2 million per IT megawatt for site and electrical work, with another $4 million per megawatt set aside for staged tenant reimbursements after capacity is delivered and rent begins. Riot expects project debt to cover those reimbursements; if comparable financing is unavailable, the tenant may fund them and recover the amount through rent credits carrying 12% annual interest. Anthropic will install and operate its own computing equipment and pay the electricity bill and nearly all other operating expenses.
Riot targets commencement of the first block for June 28, 2027, before the full 400-megawatt phase target on Sept. 11. The first block of the 200-megawatt phase is targeted for Dec. 24, 2027, with the full phase targeted for Jan. 28, 2028. The 310-megawatt phase is targeted to commence July 30, 2028.
