Riot Platforms has signed a $28 billion agreement with Anthropic that could require Riot to pay Anthropic 12% annual interest on billions of dollars in construction costs. The agreement covers 910 megawatts of capacity at Riot’s Corsicana campus in Texas, with delivery planned in phases through July 2028 at the latest. Riot plans to fund most of the project’s approximately $5.5 billion in costs through debt. Once the entire campus is operational, Riot expects to receive an average of about $1.8 billion in annual rent over the initial 15-year lease term. The first capacity is expected to begin generating rent in June 2027.