Riot-Anthropic Lease Agreement Includes 12% Annual Interest Fallback Provision

TechFlow reported that on Nov. 5, according to Riot Platforms' filings with the U.S. Securities and Exchange Commission, the Corsicana data center lease agreement between Bitcoin miner Riot and Anthropic took effect on Nov. 4 and is expected to provide 910 MW of critical IT load capacity.

Riot will reimburse Anthropic for certain data center module costs, calculated based on the critical IT power capacity actually achieved, at up to $4 million per MW, subject to Riot obtaining financing on market terms reasonably acceptable to it. If such financing cannot be obtained after commercially reasonable efforts, Riot will amortize the cost plus 12% annual interest over the remaining term of the initial lease through rent credits.

The project is planned to be delivered in three phases, with the first capacity targeted to come online on June 28, 2027, and the third phase targeted to come online on July 30, 2028.

Source: TechFlow