Riot Platforms’ lease with Anthropic, which became binding on November 4, requires Anthropic’s consent to voluntarily reduce the Corsicana site’s consumption or enroll it in voluntary demand-response programs. Mandatory orders from the utility or grid operator remain exempt. The contract covers 910 MW of critical IT capacity, with the first 400 MW phase targeted for September 2027 and full delivery expected by July 2028. Riot estimates initial-term contract revenue at approximately $28 billion, but this represents future revenue, while construction costs, financing and potential rent credits determine retained cash flow. Base rent starts at $130 per kW per month and increases by 3% annually, regardless of utilization once capacity is delivered.
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