Riot Platforms has signed a $28 billion lease with Anthropic covering artificial intelligence infrastructure originally developed for Bitcoin mining. The tenant will own the computing equipment and cover operating expenses, while Riot will provide the land and power infrastructure. Riot estimates total capital costs at $5.5 billion, primarily funded through debt backed by lease payments, although financing has not yet been secured. The first phase is expected to be delivered in September 2027, and Bitcoin mining at Corsicana could begin winding down in summer 2027. Meanwhile, Hut 8 shares fell more than 22% after quarterly revenue dropped 15% to $71.1 million, despite the company securing $7.5 billion in project bonds for two major AI data center developments.
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