Riot Could Pay Anthropic 12% Interest if Project Financing Fails

Riot Platforms could repay Anthropic for data-center equipment through rent credits carrying 12% annual interest if acceptable financing is unavailable, adding a conditional financing path to its $28 billion AI deal.

Riot’s subsidiary signed the Corsicana lease Oct. 28, and it became effective and binding Nov. 4. The 15-year agreement covers 910 megawatts of critical IT capacity and has estimated average annual rent of about $1.8 billion.

Riot can reimburse eligible module costs up to $4 million per megawatt of capacity achieved. If it cannot obtain acceptable financing after commercially reasonable efforts, rent credits would repay those costs plus interest over the rest of the lease’s initial term.

Riot estimates total project costs of $5.5 billion, including up to $3.64 billion for tenant module reimbursements. The company expects to fund reimbursements with non-recourse project debt and has not said it will use the rent-credit fallback.

During the first nine months of 2026, Riot sold 20,264 Bitcoin (BTC) for about $1.5 billion, primarily to fund data-center development, and repaid its $200 million Coinbase credit facility.