Riot’s $28 billion AI lease gives Anthropic a veto on voluntary power cuts
The binding Corsicana deal covers a planned 910 MW, with mandatory grid orders exempt and rent dependent on future delivery. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Riot Platforms' Corsicana lease with AI company Anthropic became binding Nov. 4, making voluntary curtailment of the tenant's power load subject to its consent. The agreement puts a tenant-approval requirement around an operating choice the Bitcoin miner has used in its power strategy.
Under the terms disclosed in Riot's quarterly filing, Riot needs Anthropic's consent to curtail the tenant's load or enroll the premises in voluntary demand-response programs. Mandatory orders from the utility or grid operator are exempt.
The agreement, signed Oct. 28, covers a planned 910 megawatts of critical IT capacity. Riot's earnings presentation puts initial-term contract revenue at approximately $28 billion, including annual escalators before amortization of tenant reimbursements. That figure spans future lease revenue, rather than cash already received or current profit.