Riot’s $28 billion AI lease gives Anthropic a veto on voluntary power cuts
Riot Platforms’ Corsicana lease with Anthropic became binding Nov. 4 and covers a planned 910 MW AI data center, with about $28 billion in projected initial-term revenue. Riot may no longer voluntarily curtail the site’s power use or join demand-response programs without Anthropic’s consent, though mandatory grid orders are exempt. This limits a flexibility Riot has used to earn power-curtailment credits and reduce costs. Anthropic pays electricity and site expenses; Riot must build and maintain the infrastructure, with rent starting as capacity is delivered from 2027 to 2028. Riot estimates about $5.5 billion in hard costs and may reimburse Anthropic’s module expenses, subject to financing or rent credits. Late delivery triggers escalating credits and, after extended delays, possible termination.
