The disclosure and our analysis
Evidence dates
Evidence: Riot Platforms quarterly report on Form 10-Q for the quarter ended September 30, 2026, filed November 4, 2026; Riot third quarter 2026 earnings release, Form 8-K Exhibit 99.1, November 4, 2026; credit agreement dated August 10, 2026, filed as Exhibit 10.1 to the 10-Q on November 4, 2026. All read November 6, 2026. Lease terms and status are as of November 4, 2026.
What Riot disclosed
Riot Corsicana, LLC, a wholly owned Riot subsidiary, entered into a long-term powered land lease (the Corsicana Lease) with Anthropic PBC on October 28, 2026. It became effective and binding on November 4, 2026, after Riot's board approved it and Riot Corsicana's third-party consultants approved the technical specifications for the premises. [Source 1]
1. **Rent:** base rent of $130.0 per kilowatt of critical IT load capacity per month for each delivered block of capacity, escalating 3% annually. [Source 1]
2. **Structure:** a triple net lease. The tenant bears taxes, insurance, site expenses and the cost of electricity consumed at the premises. Riot Corsicana leases land, powered pads and related infrastructure, and at its own cost builds and delivers the power and site infrastructure and operates and maintains the power infrastructure for the term. [Source 1]
3. **Capacity and delivery:** the premises are expected to provide 910 MW of critical IT load capacity in 40 blocks across three phases. Phase 1 is 400 MW, with the first block targeted for June 28, 2027 and the full phase for September 11, 2027. Phase 2 is 200 MW, with the first block targeted for December 24, 2027 and the full phase for January 28, 2028. Phase 3 is 310 MW, targeted for July 30, 2028. [Source 1]
4. **Term:** the initial term starts with the first block and runs to the end of the month of the 15th anniversary of Phase 3 commencement, with two five-year extension options for the tenant. [Source 1]
5. **Module reimbursement:** Riot Corsicana will reimburse the tenant for certain data center module costs of up to $4.0 million per MW of critical IT power actually achieved, subject to Riot obtaining financing on market terms reasonably acceptable to it. If that financing is not available, Riot will instead give rent credits that amortize the amount, plus interest at 12% a year, over the rest of the initial term. [Source 1]
Riot's earnings release adds its own figures: about $28 billion of total contract value and about $1.8 billion of average annual rent including escalators over the initial term, about $54 billion if both extensions are exercised, a contiguous 332-acre parcel, and a capital requirement of about $6 million per IT MW, or $5.5 billion overall. Riot says it funds $2 million per IT MW for site work and electrical infrastructure and reimburses the remaining $4 million per IT MW to the tenant in phases. The release says rent on each phase starts no later than 60 days after delivery of its powered pads and is payable on the full 910 MW irrespective of utilization. These are Riot's statements. [Source 2]
What the 910 MW means
Riot labels the 910 MW as critical IT load capacity, and the rent is quoted per kilowatt of that critical IT load. It is not utility service capacity, and it is leased capacity, not inventory open to other buyers. The 10-Q says the Corsicana Facility currently provides up to about 400 MW of developed capacity for bitcoin mining and is expected, on completion, to have about 1 GW of developed capacity for high-density compute. The reviewed sources do not say how much utility service capacity backs the 910 MW. [Source 1]
Economics
This is our analysis. At $130 per kW per month, first-year base rent is $1,560 per kW, or about $1.56 million per MW of critical IT load per year. Across all 910 MW at the starting rate that is about $1.42 billion a year before escalators. Riot's stated $1.8 billion average includes the 3% escalators over an initial term of roughly 15 years, so the two figures are consistent in direction. We have not rebuilt Riot's total contract value calculation.
The $130 figure is rent for powered land, not a turnkey colocation rate. The tenant procures, installs, owns and operates the modular compute deployment and pays for power, according to the release. Riot builds the high and medium voltage infrastructure and powered pads, and also funds up to $4.0 million per MW toward the tenant's modules if it can finance that. A buyer should not compare $130 per kW per month directly with a wholesale or retail quote that includes the building, cooling and operations. [Source 1] [Source 2]
The same 10-Q gives terms for the earlier Rockdale lease with the same tenant: 191 MW of critical IT load capacity, an initial 96 MW targeted for December 2027 and the rest for June 2028, with a 20-year initial term starting on full deployment. Riot DC Logistics, LLC signed a $573.0 million senior secured delayed-draw term loan with Morgan Stanley Senior Funding as administrative agent on August 10, 2026 to buy long-lead and project equipment for that 191 MW project in Milam County. Loans bear interest at Term SOFR plus 2.75% or base rate plus 1.75%, carry a 0.50% undrawn fee and mature December 31, 2026. $20.8 million was outstanding at September 30, 2026. The 10-Q does not disclose the Rockdale rent. [Source 1] [Source 3]
Status
On our status vocabulary, as of November 4, 2026: Leased. The 10-Q confirms a binding, effective lease commitment for 910 MW of critical IT load capacity at the Corsicana Facility. Delivery dates are Riot's targets. The reviewed sources do not establish that construction for the data center phases has started, that any block is Energized, or that any capacity is Available to other buyers. [Source 1]
Buyer analysis
This is our analysis. This filing gives a rare disclosed price for the powered land model, where the landlord delivers power and pads and the tenant brings its own modular data center. For buyers, $130 per kW per month with 3% escalators, triple net, is a reference point for what a large AI tenant committed to for powered land in Texas at this scale. Rent is owed on the full 910 MW regardless of use, which puts utilization risk on the tenant. A buyer weighing a powered land offer against a turnkey lease should price the modules, cooling, operations and power on top of the rent, ask who funds the modules, and get the delivery date for each block in writing.
