Riot Platforms has signed a $28 billion data center lease deal with Anthropic.

Riot Platforms, a U.S. Bitcoin miner, has signed a large-scale data center lease agreement with artificial intelligence company Anthropic.

Blockbeats reported on November 5 that Riot had signed the $28 billion data center lease agreement that day. Under the deal, Riot will provide Anthropic with a 910-megawatt data center site and power infrastructure in Texas.

The initial contract term is 15 years after full capacity is delivered. Riot said the lease is expected to generate average annual rent of about $1.8 billion.

Total project costs are estimated at about $5.5 billion. Of that, $1.8 billion will be used to build the site and power infrastructure, and another $3.6 billion has been allocated to cover the cost of the data center facilities that Anthropic will build.

Riot outlined a financing scenario in which 80% to 90% of the project cost would be covered by project debt, with about $500 million to $1.1 billion funded from its own cash. The company plans to begin the financing process next year.

Riot is targeting June next year for the first data center delivery. It plans to hand over the infrastructure in phases and complete the full 910-megawatt supply by July 2028.