Riot Platforms locked in a $9.1 billion Anthropic deal, but its bridge loan expires before the rent starts
Riot Platforms has secured as much as $573 million of interim financing for the $9.1 billion data-center lease tied to Anthropic, but the facility matures about a 12 months before the Bitcoin miner expects the challenge to start out producing rent.
Earlier this month, Riot disclosed that it had secured a 20-year lease for 191 megawatts of essential IT capability at its Rockdale, Texas, campus, describing the tenant solely as a “main frontier AI lab.”
However, CNBC and different experiences subsequently recognized the buyer as Anthropic, the developer of Claude. Riot has not publicly named the tenant.
The first 96 MW is scheduled for supply in December 2027, with the remaining 95 MW anticipated by June 2028. Riot estimates the preliminary lease will generate about $9.1 billion by way of June 2048, with two five-year extensions doubtlessly lifting the complete contract worth to $16.1 billion.
However, funding that buildout requires a a lot earlier capital dedication.
Notably, a Riot subsidiary entered into a senior secured delayed-draw facility administered by Morgan Stanley Senior Funding, offering entry to as much as $573 million for long-lead gear and different preliminary growth prices.
The borrowings will mature on Dec. 31, 2026, roughly 12 months before the first Anthropic capability is due on-line.
The delayed-draw construction means the $573 million represents accessible borrowing somewhat than money Riot has already acquired.
Riot has described the facility as interim financing whereas it finalizes an investment-grade credit score backstop. The firm has not disclosed the backstop supplier, dedicated quantity, or binding phrases, leaving the financing handoff as a key execution level before the bridge matures.
Meanwhile, the broader capital requirement for the AI infrastructure is considerably bigger. Riot estimates the Rockdale challenge will price between $2.1 billion and $2.3 billion and expects debt financing to cowl roughly $1.7 billion to $2.1 billion beneath an assumed 80% to 90% loan-to-cost construction.
Borrowings beneath the Morgan Stanley facility carry adjusted time period SOFR plus 2.75%, or a outlined base charge plus 1.75%, alongside different customary charges. The debt is secured primarily by property of the challenge borrower and specified credit score events, with usually no recourse to Riot Platforms itself.
The disclosed collateral doesn’t determine Bitcoin. Data from BitcoinTreasuries.internet reveals that the miner at the moment holds round 11,380 BTC, making it certainly one of the largest public holders of the top crypto.
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