Riot and Anthropic Lease Agreement Sets 12% Annual Interest Backstop Provision

According to TechFlow, on November 5, filings filed by Riot Platforms with the U.S. Securities and Exchange Commission revealed that the Corsicana data center lease agreement between Bitcoin mining company Riot and Anthropic became effective on November 4, and is expected to provide 910 megawatts of critical IT load capacity.

Riot will reimburse Anthropic for a portion of the data center module costs, calculated at up to $4 million per megawatt based on the actual critical IT power capacity achieved, subject to Riot securing financing on market terms reasonably acceptable to it. Should Riot fail to obtain such financing despite commercially reasonable efforts, Riot will amortize the costs plus 12% annual interest over the remainder of the initial lease term through rent credits.

The project is scheduled for phased delivery across three stages, with the first phase of capacity targeted for commissioning on June 28, 2027, and the third phase targeted for commissioning on July 30, 2028.