Riot Platforms has signed a $28 billion agreement with Anthropic to turn part of its Texas bitcoin-mining site into an AI data center campus. The deal could eventually generate about $1.8 billion in average annual rent, but it may pay Anthropic up to 12% interest on billions of dollars in construction reimbursements.
The agreement covers 910 megawatts of capacity at Riot’s Corsicana campus. Capacity will arrive in phases through July 2028, with Riot providing land and electrical infrastructure while Anthropic installs and operates the computing equipment.
How the Anthropic agreement works
Riot expects the 15-year initial lease term to produce average annual rent of roughly $1.8 billion once the campus is fully operational. Anthropic will run the computing systems, while Riot focuses on the power, land, and site infrastructure.
The project is expensive. Riot’s earnings presentation estimates the total cost at about $5.5 billion. Around $1.8 billion will go toward Riot’s own site and electrical work, while up to $3.6 billion will reimburse Anthropic for its data center facilities.
Those Anthropic reimbursements depend on eligible costs and become due after each phase is delivered and begins earning rent. That structure ties Riot’s repayment obligations to project completion and revenue generation.
Why 12% interest matters
The 12% interest rate is unusually high for large-scale infrastructure financing. It reflects the risk of building a massive AI campus while bitcoin mining revenue remains volatile and electricity costs can change quickly.
If it borrows billions to reimburse Anthropic, interest payments could take a meaningful share of the project’s cash flow. At 12%, every $1 billion borrowed would create about $120 million in annual interest expense before principal repayment.
The company plans to fund most of the project with debt. Its financing illustration assumes lenders will cover 80% to 90% of the total cost, leaving Riot to contribute roughly $500 million to $1.1 billion in cash.
A major shift from bitcoin mining
Riot’s move is part of a wider trend among bitcoin miners. Many are using their existing power access and land to serve AI and high-performance computing customers, which can offer longer-term contracts and more predictable revenue.
Bitcoin mining depends heavily on token prices, network difficulty, and energy costs. AI data centers, by contrast, can generate contracted rental income from companies that need large amounts of computing capacity.
The Corsicana project shows how miners are becoming energy and infrastructure companies rather than pure crypto producers. Riot supplies the physical foundation, while Anthropic brings the AI hardware and operations.
What investors should watch
The deal’s success depends on several factors:
- Whether Riot can complete each construction phase on schedule.
- Whether Anthropic begins paying rent as capacity comes online.
- Whether Riot can secure financing on manageable terms.
- How much interest Riot ultimately pays on the Anthropic reimbursements.
- Whether electricity costs and grid constraints affect profitability.
The financing process is expected to begin in 2027. Until then, investors will likely watch it’s balance sheet, construction progress, and the final terms of any debt raised for the project.
Bitcoin mining remains a fundamental part of the network’s proof-of-work consensus mechanism, even as some mining companies explore opportunities outside cryptocurrency. Our guide to the Bitcoin whitepaper explains the original vision and technical foundation behind Bitcoin.
The bigger picture for AI infrastructure
The agreement highlights the enormous capital needed to build AI data centers. A single 910-megawatt campus can require billions in electrical upgrades, cooling systems, land preparation, and computing equipment.
It also shows why AI companies are partnering with power-rich operators. Anthropic gains access to large-scale capacity without owning every piece of real estate and electrical infrastructure, while Riot gains a long-term tenant for its Texas assets.
For Riot, the opportunity is substantial, but so is the financial risk. A $28 billion lease can transform the company’s revenue profile, yet a 12% borrowing cost could make the difference between a highly profitable AI business and an expensive infrastructure bet
