Riot Platforms leases its whole 910 MW Corsicana campus to Anthropic in a deal worth about $28 billion

Riot Platforms said on Wednesday, Nov. 4, 2026, that it signed a 15-year triple-net powered land lease with "a leading Frontier AI Lab" for its entire Corsicana, Texas campus, worth about $28 billion over the initial term; its quarterly filing the same day names the tenant as Anthropic PBC.

Anthropic needs gigawatts, and the fastest place to find them is bitcoin miners already holding power contracts in Texas. Riot's deal is a landlord's dream: the tenant pays rent on all 910 MW whether it uses them or not and also brings and runs the computers. It's also another sign of how much AI labs now pay just to lock up power.

Riot Platforms signed a 15-year triple-net powered land lease covering its entire Corsicana, Texas campus: 910 megawatts of critical IT capacity on one contiguous 332-acre parcel. Triple-net means the tenant, not the landlord, pays the operating bills, including taxes, insurance, and upkeep. Powered land means Riot supplies the land and the power hookup. A megawatt is a unit of power, and 910 of them is a very large computing campus. Riot's quarterly filing says the lease was signed Oct. 28, 2026, with Anthropic PBC, and became effective Nov. 4, 2026. PBC means public benefit corporation. The release the same day called the tenant "a leading Frontier AI Lab" and did not print the name. The name is in the filing. Those terms are Riot's.

Riot puts the total contract value at about $28 billion over the initial term, with about $1.8 billion of average annual rent, including scheduled increases called escalators. If both five-year extension options are exercised, Riot puts the total at about $54 billion. Riot estimates a net operating income margin of about 99%. Net operating income is rent minus the cost of running the property, so a margin near 99% means Riot expects to keep almost all of that rent. Those figures are Riot's.

Riot says the capital requirement is about $6 million per IT megawatt, or $5.5 billion overall, which it says is about half the capital intensity of a typical Tier 3 build. Capital intensity is how much cash it takes to stand up each megawatt. Tier 3 is Riot's label for a common highly redundant data-center build. Riot funds $2 million per megawatt for site work and electrical infrastructure. The other $4 million per megawatt is reimbursed to the tenant in phases, after each phase is delivered and paying rent. Those lines are Riot's.

Riot's delivery schedule is 400 megawatts in September 2027, 200 megawatts in January 2028, and 310 megawatts in July 2028. Those three phases are the full 910 megawatts. Rent is payable on all 910 megawatts regardless of how much of the campus the tenant is using. Those lines are Riot's.

Riot delivers the land, the power infrastructure, and the powered pads. The tenant procures, installs, owns, and operates the modular compute, and bears substantially all operating costs, including power. Modular compute, here, is the computers the tenant brings to the site. Those lines are Riot's.

Riot says it has now leased 1,151 megawatts and about $38 billion of contracted data-center revenue. That total includes this lease, its contract with AMD, and an earlier lease in Rockdale with the same lab. Those lines are Riot's.

Third-quarter revenue was $181.4 million, including $18.4 million of data-center revenue. Riot sold 20,264 bitcoin year to date for about $1.5 billion, mostly to fund data-center development, and has raised no equity in 2026. Equity, here, means new shares sold to investors. Those figures are Riot's.

Jason Les, chief executive of Riot, said: "Today, we are excited to announce the largest lease in Riot's history." He also said: "That lower capital requirement, combined with our strong balance sheet, means that we do not currently anticipate issuing equity to fund our announced projects." A balance sheet is the snapshot of what a company owns and owes. Issuing equity means selling new shares. Those quotations are his.

The picture is an aerial photo of Riot Platforms' Corsicana, Texas campus under construction: a long gray building, rows of foundations and equipment on graded dirt, a substation, and a road through flat green fields under an overcast sky. The credit is Riot Platforms.

In plain terms, Riot is leasing its whole Corsicana campus to Anthropic for 15 years, a contract it values at about $28 billion. The tenant pays rent on all 910 megawatts whether it uses them or not, and the tenant brings and runs the computers. Riot says it does not expect to sell stock to build the site.