Riot sold 20,000 BTC. The new agreement with Anthropic is expected to bring in USD 28 billion

Riot Platforms will lease its entire Corsicana, Texas campus to Anthropic. The contract covers 910 MW of power for the data center and, according to the company, is worth approximately USD 28 billion over 15 years.

From January to September, Riot sold 20,264 BTC for approximately $1.48 billion, mainly for the construction of data centers. At the end of September, he only had 2,418 BTC.

The company continues to mine bitcoin, but an increasing share of its future revenues will come from lease agreements for AI companies.

Riot Platforms, one of the largest US-listed bitcoin miners, signed a lease agreement for its Corsicana campus in Texas on October 28. In the results announcement, the company writes only about the “leading AI laboratory” (Frontier AI Lab), but in the 10-Q quarterly report filed on November 4 with the SEC, the tenant is named directly: Anthropic PBC. The agreement entered into force on November 4, following the consent of the management board and approval of the technical specifications.

This is Riot’s second contract with the same company. In August, the company leased 191 MW in Rockdale, as described in the text about Riot’s agreement with Anthropic.

What does the contract cover?

Riot will provide land, connections and energy infrastructure for 910 MW of IT capacity. Anthropic will install and operate the computing modules itself, and will also pay for electricity, taxes and insurance. This is the so-called a triple net agreement in which almost all operating costs are borne by the tenant. Rent is due for the entire 910 MW, regardless of how much power Anthropic actually uses.

According to the 10-Q, base rent is $130 per kilowatt per month and increases by 3% annually. This gives approximately USD 1.4 billion per year at the start, and approximately USD 1.8 billion over 15 years, according to the company’s press release. Hence the total value is approximately USD 28 billion. Anthropic has two five-year extension options, which would increase the contract value to approximately USD 54 billion.

Power will be delivered in three stages: 400 MW in September 2027, another 200 MW in January 2028 and the last 310 MW in July 2028. Rent for each stage is to commence no later than 60 days after its completion.

Graph of IT power delivered to Anthropic on the Riot Corsicana campus cumulatively: 400 MW in September 2027, 600 MW in January 2028, 910 MW in July 2028

Construction is expected to cost approximately $6 million per megawatt, or a total of approximately $5.5 billion. Riot will finance $2 million per megawatt (site work and electrical infrastructure). The remaining $4 million per megawatt will be reimbursed to Anthropic for the computing modules after subsequent stages are completed, from a project loan secured by rent. If such financing is not obtained, the refund will turn into a rent reduction spread over the rest of the contract, with interest of 12% per annum.

Where did the sale of 20 thousand come from? BTC?

At the beginning of the year, Riot had 18,005 BTC. Over the course of nine months, he mined another 4,697 BTC and sold 20,264 BTC for approximately $1.48 billion, or an average of approximately PLN 73.2 thousand. dollars per coin. The company reports that the money went mainly to the development of data centers. It also repaid and closed a $200 million line of credit with Coinbase pledged by bitcoins.

The sale was not profitable. According to the 10-Q, the realized loss on bitcoin sales in nine months amounted to approximately $289 million. At the end of September, the company had 2,418 BTC, worth approximately $202 million, and $748 million in cash. Riot emphasizes that it did not issue new shares in 2026.

Mining is still a big part of the business. In Q3, Riot mined 1,637 BTC, 16% more than a year earlier, and mining revenue amounted to $116 million out of $181 million in total revenue. The average cost of mining one BTC without depreciation dropped to approximately PLN 39.3 thousand. dollars, and the computing power of excavators at the end of September was 44.9 EH/s.

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What does this mean to you

Riot is the latest miner to switch from holding bitcoin to renting power and land to AI companies. Together with Rockdale and the agreement with AMD, the company has already contracted 1,151 MW and approximately USD 38 billion in future revenues from data centers. Shares of such companies are less and less like a bet on the BTC price, and more and more like an investment in infrastructure for artificial intelligence.

Something else is important for the Bitcoin market: miners who finance the construction of data centers are selling mined coins instead of holding them. If you want to understand what determines the earnings of miners and why so many are looking for a second business today, check out the guide on whether cryptocurrency mining is profitable.