Riot’s $28 billion AI lease gives Anthropic a veto on voluntary power cuts

Riot Platforms' Corsicana lease with AI company Anthropic became binding Nov. 4, making voluntary curtailment of the tenant's power load subject to its consent. The agreement puts a tenant-approval requirement around an operating choice the Bitcoin miner has used in its power strategy.Under the terms disclosed in Riot's quarterly filing, Riot needs Anthropic's consent to curtail the tenant's load or enroll the premises in voluntary demand-response programs. Mandatory orders from the utility or grid operator are exempt.CORSICANA / PLANNED 910 MW OF CRITICAL IT CAPACITYRIOTBuilds & maintainspower infrastructureANTHROPICAI tenantPays electricity costsPower + powered padsRent begins per delivered padPhased delivery through 2028; planned capacity is not fully operating today.PLANNED 910 MWCritical IT capacity at CorsicanaRIOTBuilds & maintains power infrastructurePower + padsRent begins perdelivered padANTHROPICAI tenant; pays electricity costsPhased delivery through 2028.Choose the reason for reducing loadApplies to Riot's choice to curtail the tenant's load or enroll the premises in voluntary demand response.Voluntaryload reductionANTHROPICmust consentTenant loadmay be curtail...