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Riot Platforms secures interim funding for Anthropic data-center lease
The $573 million delayed-draw facility matures Dec. 31, 2026, about a year before the first 96 MW is scheduled to deliver in December 2027.
Riot Platforms has secured up to $573 million of interim financing for a $9.1 billion data-center lease tied to Anthropic, but the facility matures on Dec. 31, 2026 before the project is expected to start generating rent. The structure provides access to borrowings for long-lead equipment and early development costs rather than cash already received.
The tenant was later identified by CNBC and other outlets as Anthropic, the developer of Claude, though Riot has not publicly named the customer. Riot schedules the first 96 MW for delivery in December 2027, with the remaining 95 MW expected by June 2028.
Riot estimates the initial lease will generate about $9.1 billion through June 2048, with two five-year extensions that could raise the total contract value to $16.1 billion. Riot said the interim financing is intended while it finalizes an investment-grade credit backstop, but it has not disclosed the backstop provider, committed amount, or binding terms.
Riot expects the Rockdale project to cost between $2.1 billion and $2.3 billion, with debt financing covering roughly $1.7 billion to $2.1 billion under an assumed 80% to 90% loan-to-cost. Borrowings under the Morgan Stanley Senior Funding-administered facility carry adjusted term SOFR plus 2.75%, or a defined base rate plus 1.75%, and are secured mainly by the project borrower’s assets with generally no recourse to Riot Platforms itself.