Riot Platforms announced that its binding lease for the Corsicana, Texas data center, signed with AI company Anthropic, now requires the tenant’s consent before the miner can voluntarily reduce power consumption. The agreement, valued at roughly $28 billion in projected lease revenue, covers the phased rollout of 910 megawatts (MW) of critical IT capacity slated for completion by July 2028.

Lease Structure and Financial Terms

According to Riot’s quarterly filing, the contract delivers rent on a pad‑by‑pad basis, beginning at $130 per kilowatt of delivered capacity per month and increasing by 3% each year. The $28 billion figure represents the total of future lease payments, including escalators, rather than cash already received. Construction costs for the site are estimated at $5.5 billion, with Riot responsible for building and maintaining the power infrastructure while Anthropic assumes electricity, tax, insurance and site‑level expenses.

Anthropic’s Veto Over Voluntary Curtailments

The lease introduces a tenant‑approval requirement for any voluntary demand‑response or load‑reduction measures that Riot might otherwise employ during peak periods. Mandatory orders from the local utility or grid operator are exempt, but any voluntary curtailment at Corsicana must be consented to by Anthropic. This marks a shift from the miner’s traditional flexibility in power usage, a strategy previously used to sell excess contracted power or reduce consumption during Texas summer peaks.

Phased Delivery Schedule

Riot plans to bring the first block of capacity online on June 28 2027, with 400 MW expected by September 2027. A second tranche of 200 MW is targeted for January 2028, and the final 310 MW should be delivered by July 2028. Rent commences only after each block is operational, and payments are independent of actual utilization. Delays beyond 60 days may trigger rent credits, and extensions up to 270 days are possible before termination rights are triggered.

What to Watch Next

Investors will monitor whether Anthropic exercises its veto power during Texas peak‑load events, which could affect Riot’s ability to monetize excess power. Additionally, the timing of each delivery phase will be crucial for confirming the projected $28 billion revenue stream. Finally, any changes in Texas grid regulations or AI‑related power demand could reshape the economics of the lease.