 has signed a 15-year lease for its entire Corsicana data center campus in [Texas](https://baxtel.com/regions/texas), a contract valu...](https://cdn.baxtel.com/data-center/riot-leases-910mw-corsicana-campus-to-anthropic-in-28b-deal/logo/large_riot-leases-910mw-corsicana-campus-to-anthropic-in-28b-deal-featured(2).jpg){kind=logo}
Riot Platforms has signed a 15-year lease for its entire Corsicana data center campus in Texas, a contract valued at about $28 billion. The lease covers 910MW of critical IT capacity, and Bitcoin Magazine reports that Riot's 10
Featured: Panoramic landscape photo showing Riot's Corsicana data center campus and high-voltage electrical substation.-Q filing names the tenant as Anthropic PBC. Riot disclosed the deal with its third-quarter 2026 results on Nov. 4.
Riot develops and owns the Corsicana campus and will deliver the land, the power infrastructure, and the powered pads, while keeping ownership and maintenance of the high- and medium-voltage infrastructure that serves them. Anthropic, as tenant, will procure, install, own, and operate the compute modules on the pads and bear substantially all operating costs, including power costs passed through to it. The agreement is a triple-net powered land lease, and rent is payable on the full 910MW regardless of how much capacity Anthropic uses. Riot's 10-Q says a subsidiary signed the lease on Oct. 28 and the deal became binding on Nov. 4.
Riot puts average annual rent at about $1.8 billion over the initial term, or about $54 billion if Anthropic exercises both five-year extension options. Base rent starts at $130 per kilowatt per month and rises 3% a year.
Delivery is phased: 400MW in September 2027, 200MW in January 2028, and 310MW in July 2028, with rent on each phase starting no later than 60 days after delivery of its powered pads. Riot estimates the total capital requirement at about $6 million per IT megawatt, or $5.5 billion. Riot will fund $2 million per IT megawatt for site work and electrical infrastructure, and the remaining $4 million per IT megawatt is reimbursed to the tenant in phases after delivery.
Riot expects to cover those reimbursements with non-recourse project debt sized to the contracted rent. If financing on comparable market terms is not available, Anthropic will fund the reimbursements directly and recover them as credits against rent, amortizing the amount plus interest at 12% per year over the remaining lease term.
"Today, we are excited to announce the largest lease in Riot's history: a 15-year triple-net powered land lease with a leading Frontier AI Lab for the entirety of our Corsicana campus," said Jason Les, CEO of Riot. Les said the Corsicana development will require about half the capital of a Tier 3 build, and that Riot does not currently anticipate issuing equity to fund its announced projects.
Riot, formerly Riot Blockchain, is a Bitcoin miner that has been converting capacity to AI and high-performance computing hosting since 2024. AMD leases 50MW at Riot's Rockdale campus in Texas, and the same tenant holds a 191MW lease there, according to Data Center Dynamics. Including Corsicana, Riot has leased 1,151MW of critical IT capacity, representing about $38 billion of contracted revenue. Third-quarter revenue was $181.4 million, including $18.4 million from data centers.
Baxtel tracks more than 1,000 data centers across the state, run by 228 providers, including 280 facilities in the Dallas metro, where 42 sites are under construction.
Related on Baxtel
