Riot Lease Requires Anthropic Consent for Voluntary Corsicana Power Cuts

Riot Corsicana, LLC, a Riot Platforms subsidiary, needs Anthropic PBC’s consent before voluntarily reducing power to Anthropic’s contracted load in Corsicana, Texas, limiting an option Riot has used in its Bitcoin (BTC) mining business.

The approval rule also covers enrollment in voluntary demand-response programs. Orders from a utility or grid operator are exempt. The restriction applies to Anthropic’s Corsicana load and does not bar voluntary cuts at Riot’s other mining operations.

Riot has used curtailment when credits for returning electricity to utilities exceed the mining revenue it would earn by keeping equipment running. It recorded $24.664 million in companywide power-curtailment credits for the three months ended Sept. 30, 2026. Manual curtailment accounted for $22.938 million, while demand response contributed $1.726 million. The figures do not identify Corsicana’s share or quantify credits that might be affected by the lease.

Riot Corsicana entered the lease with Anthropic PBC on Oct. 28. It became effective and binding Nov. 4, following board and technical-specification approvals.

The lease covers 910 MW of critical IT load capacity over an initial 15-year term. Riot estimates about $28 billion in contract value and average annual rent of about $1.8 billion; the broader lease terms include rent based on capacity delivered. Base rent is $130 per kilowatt of delivered critical IT capacity per month, escalating 3% annually. The contract-value estimate covers future deliveries, not cash already received.

Anthropic is responsible for electricity, taxes, insurance and other site expenses. Riot is responsible for building and delivering the power and site infrastructure and maintaining the power infrastructure.

The first Phase 1 block is targeted for June 28, 2027, with the full 400 MW phase targeted to commence Sept. 11, 2027. The first 200 MW Phase 2 block is targeted for Dec. 24, 2027, and the full phase for Jan. 28, 2028. Phase 3’s 310 MW is targeted to commence July 30, 2028.