Riot Platforms expects project debt to fund reimbursements for Anthropic’s Corsicana data center, while its lease filing sets 12% annual interest on a rent-credit fallback if acceptable financing cannot be secured after commercially reasonable efforts.
The lease makes eligible module reimbursements conditional on Riot Corsicana, LLC, securing financing on market terms it reasonably accepts. The filing caps reimbursements at $4 million per megawatt of critical IT power actually achieved.
If that financing remains unavailable after commercially reasonable efforts, rent credits would reduce the reimbursement balance. The rent credits would repay the reimbursement amount with 12% annual interest over the remaining initial term.
Riot’s SEC-filed presentation describes an alternative in which Anthropic initially funds the reimbursements and recovers the amount through rent credits. Riot could fund site work with cash, debt or both. Riot is responsible for site and power infrastructure, while Anthropic funds and owns its computing equipment.
The presentation estimates $5.5 billion in project hard costs. The figure is illustrative, rounded and excludes financing fees, original issue discount and reserves. Its illustrated financing path pairs $4.4 billion to $4.9 billion in project debt with $500 million to $1.1 billion in Riot cash equity for site work and reimbursements. The presentation says payments and debt draws are tied to phase delivery and rent commencement.
The 15-year lease covers 910 megawatts of critical IT load capacity and became effective and binding Nov. 4. Its initial term begins when the first capacity block commences, rather than on the effective date. The terms add a financing detail to EconoTimes’ earlier coverage of the lease.
Riot’s presentation says the Corsicana financing process is expected to launch in 2027. The filing targets June 28, 2027, for the first block to commence.
