Riot Platforms reported third-quarter revenue of $181.4 million, up from $174.2 million in the second quarter. Bitcoin mining remains a source of revenue, but the company is pursuing larger data-center deals as it expands into AI and high-performance computing. Its 15-year Corsicana lease, valued at about $28 billion, names Anthropic as the tenant and became binding on November 4. Riot will provide the land and power infrastructure; Anthropic will own and operate the computing equipment and pay the electricity bill.
The agreement covers a planned 910 megawatts of critical IT capacity, targeted for phased delivery from June 2027 through July 2028. Riot aims to complete the 400-megawatt first phase in September 2027, followed by 200 megawatts in January 2028 and a final 310 megawatts in July. Rent starts as each area is delivered, at $130 per kilowatt per month, with annual increases of 3%. Riot estimates construction costs at roughly $5.5 billion, but financing has not yet been secured. Rent, once due, does not depend on utilization, although delays can trigger rent credits. If suitable financing for eligible equipment costs is unavailable, Riot may also provide credits against rent.
The contract also changes how Riot can manage power use: voluntary curtailment of the tenant’s load, or enrollment in voluntary demand-response programs, requires Anthropic’s consent. Mandatory utility or grid-operator orders are exempt. Riot reported $25 million in power-curtailment credits companywide for the quarter and sold 10,599 BTC to help fund its data-center expansion. Its CEO said Bitcoin mining at Corsicana could begin winding down in summer 2027. Meanwhile, fellow miner Hut 8’s revenue fell 15% to $71.1 million, below analysts’ $75.8 million estimate, and its shares dropped more than 22% at one point on Wednesday. Hut 8 has secured $7.5 billion in project bonds for two AI data-center developments, though neither is yet generating lease revenue.