Riot Platforms has signed a 15-year powered land lease at Corsicana, Texas, that analysts say lowers construction costs but carries election-related timing risk. Needham identified the tenant as Anthropic and put the lease's computing capacity at 910 megawatts. Needham estimates Riot's capital spending at about $6 million per megawatt, compared with $11 million to $12 million for a traditional Tier-3 facility. Chardan estimates total capital spending of $5.5 billion, with the tenant reimbursing two-thirds in phases. Needham expects the project to proceed but warned that Governor-Elect Gina Hinojosa could use permitting to delay projects.