{"id":12306,"date":"2026-08-24T16:59:18","date_gmt":"2026-08-24T16:59:18","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=12306"},"modified":"2026-08-24T16:59:18","modified_gmt":"2026-08-24T16:59:18","slug":"riot-platforms-locked-in-a-9-1-billion-anthropic-deal-but-its-bridge-loan-expires-before-the-rent-starts","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=12306","title":{"rendered":"Riot Platforms locked in a $9.1 billion Anthropic deal, but its bridge loan expires before the rent starts"},"content":{"rendered":"<p><\/p>\n<div data-single-article-content=\"\">\n<p>Riot Platforms has secured up to $573 million of interim financing for the $9.1 billion data-center lease tied to Anthropic, but the facility matures about a year before the Bitcoin miner expects the project to start generating rent.<\/p>\n<p>Earlier this month, Riot disclosed that it had secured a 20-year lease for 191 megawatts of critical IT capacity at its Rockdale, Texas, campus, describing the tenant only as a \u201cleading frontier AI lab.\u201d<\/p>\n<p>However, CNBC and other reports subsequently identified the customer as Anthropic, the developer of Claude. Riot has not publicly named the tenant.<\/p>\n<p>The first 96 MW is scheduled 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 potentially lifting the total contract value to $16.1 billion.<\/p>\n<p>However, funding that buildout requires a much earlier capital commitment.<\/p>\n<p>Notably, a Riot subsidiary entered into a senior secured delayed-draw facility administered by Morgan Stanley Senior Funding, providing access to up to $573 million for long-lead equipment and other initial development costs.<\/p>\n<div class=\"cs-article-embed\">\n<p> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Wall Street is paying up for Bitcoin miners\u2019 AI infrastructure before most of it is built<\/h3>\n<\/p>\n<p> <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\"> <i class=\"fa-light fa-arrow-up-right\"\/> <\/span> <\/div>\n<p>The borrowings will mature on Dec. 31, 2026, roughly 12 months before the first Anthropic capacity is due online.<\/p>\n<aside id=\"cs-inline-newsletter-1\" class=\"cs-inline-newsletter\" data-inline-newsletter=\"\" data-newsletter-placement=\"article-midpoint\" data-newsletter-pending-label=\"Joining\u2026\" data-newsletter-pending-status=\"Joining the Daily Brief\u2026\" data-newsletter-email-required-message=\"Before sending, please provide your email address.\" aria-labelledby=\"cs-inline-newsletter-1-title\" aria-describedby=\"cs-inline-newsletter-1-copy\">\n<div class=\"cs-inline-newsletter__inner\">\n<div class=\"cs-inline-newsletter__content\"> <span class=\"cs-inline-newsletter__eyebrow\"> <i class=\"fa-regular fa-envelope\" aria-hidden=\"true\"\/> The Daily Brief <\/span><\/p>\n<h2 id=\"cs-inline-newsletter-1-title\" class=\"cs-inline-newsletter__title\">The signal, before the noise.<\/h2>\n<p id=\"cs-inline-newsletter-1-copy\" class=\"cs-inline-newsletter__copy\">Start your day with the crypto stories moving markets, decoded by CryptoSlate\u2019s editors.<\/p>\n<\/div>\n<div class=\"cs-inline-newsletter__form-shell\">\n<p class=\"cs-inline-newsletter__form-heading\">One email. Everything that matters.<\/p>\n<p id=\"cs-inline-newsletter-1-privacy\" class=\"cs-inline-newsletter__privacy\">Free to join. Unsubscribe any time.<\/p>\n<p> <i class=\"fa-regular fa-circle-xmark\" aria-hidden=\"true\"\/> <span>Whoops, looks like there was a problem. Please try again.<\/span><\/p>\n<p> <i class=\"fa-regular fa-circle-check\" aria-hidden=\"true\"\/> <span><strong>You\u2019re on the list.<\/strong> Your next Daily Brief is on its way.<\/span><\/p>\n<\/div>\n<\/div>\n<\/aside>\n<p>The delayed-draw structure means the $573 million represents available borrowing rather than cash Riot has already received.<\/p>\n<p>Riot has described the facility as interim financing while it finalizes an investment-grade credit backstop. The company has not disclosed the backstop provider, committed amount, or binding terms, leaving the financing handoff as a key execution point before the bridge matures.<\/p>\n<p>Meanwhile, the broader capital requirement for the AI infrastructure is substantially larger. Riot estimates the Rockdale project will cost between $2.1 billion and $2.3 billion and expects debt financing to cover roughly $1.7 billion to $2.1 billion under an assumed 80% to 90% loan-to-cost structure.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-556265 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-e1210d61-369b-4273-97b1-83ed248f76e9.png\" alt=\"Timeline showing Riot\u2019s up-to-$573 million Rockdale facility maturing Dec. 31, 2026, before first 96 MW deployment and rent commencement in December 2027\" width=\"1122\" height=\"1402\"\/><img decoding=\"async\" class=\"lazyload aligncenter wp-image-556265 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-e1210d61-369b-4273-97b1-83ed248f76e9.png\" alt=\"Timeline showing Riot\u2019s up-to-$573 million Rockdale facility maturing Dec. 31, 2026, before first 96 MW deployment and rent commencement in December 2027\" width=\"1122\" height=\"1402\"\/><\/p>\n<p>Borrowings under the Morgan Stanley facility carry adjusted term SOFR plus 2.75%, or a defined base rate plus 1.75%, alongside other customary fees. The debt is secured primarily by assets of the project borrower and specified credit parties, with generally no recourse to Riot Platforms itself.<\/p>\n<p>The disclosed collateral does not identify Bitcoin. Data from BitcoinTreasuries.net shows that the miner currently holds around 11,380 BTC, making it one of the largest public holders of the top crypto.<\/p>\n<\/div>\n<p>AI,Featured,Investments,Mining,Bitcoin,BTC,Coinbase,mining,Riot PlatformsBitcoin,BTC,Coinbase,mining,Riot Platforms#Riot #Platforms #locked #billion #Anthropic #deal #bridge #loan #expires #rent #starts1787590758<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Riot Platforms has secured up to $573 million of interim financing for the $9.1 billion data-center lease tied to Anthropic, but the facility matures about a year before the Bitcoin miner expects the project to start generating rent. Earlier this month, Riot disclosed that it had secured a 20-year lease for 191 megawatts of critical<\/p>\n","protected":false},"author":1,"featured_media":12307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[3823,277,91,2089,285,84,431,6475,629,4044,447,870,6055,869,5307,542],"class_list":["post-12306","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum","tag-anthropic","tag-billion","tag-bitcoin","tag-bridge","tag-btc","tag-coinbase","tag-deal","tag-expires","tag-loan","tag-locked","tag-mining","tag-platforms","tag-rent","tag-riot","tag-riot-platforms","tag-starts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Riot Platforms locked in a $9.1 billion Anthropic deal, but its bridge loan expires before the rent starts - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"description\" content=\"Riot Platforms is building a 191 MW Rockdale campus for Anthropic while finalizing a longer-term credit backstop.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=12306\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Riot Platforms locked in a $9.1 billion Anthropic deal, but its bridge loan expires before the rent starts\" \/>\n<meta property=\"og:description\" content=\"Riot Platforms is building a 191 MW Rockdale campus for Anthropic while finalizing a longer-term credit backstop.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.uk.com\/?p=12306\" \/>\n<meta property=\"og:site_name\" content=\"Crypto News: Latest Cryptocurrency News and Analysis\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-24T16:59:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/iot-power-financing-gap.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"\u884c\u653f\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u884c\u653f\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12306\",\"url\":\"https:\/\/cryptonews.uk.com\/?p=12306\",\"name\":\"Riot Platforms locked in a $9.1 billion Anthropic deal, but its bridge loan expires before the rent starts - Crypto News: Latest Cryptocurrency News and Analysis\",\"isPartOf\":{\"@id\":\"https:\/\/cryptonews.uk.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12306#primaryimage\"},\"image\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12306#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/iot-power-financing-gap.jpg\",\"datePublished\":\"2026-08-24T16:59:18+00:00\",\"author\":{\"@id\":\"https:\/\/cryptonews.uk.com\/#\/schema\/person\/822778c5844e0d16d43dce6630f4f1bf\"},\"description\":\"Riot Platforms is building a 191 MW Rockdale campus for Anthropic while finalizing a longer-term credit backstop.\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12306#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptonews.uk.com\/?p=12306\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12306#primaryimage\",\"url\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/iot-power-financing-gap.jpg\",\"contentUrl\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/08\/iot-power-financing-gap.jpg\",\"width\":1280,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=12306#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cryptonews.uk.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Riot Platforms locked in a $9.1 billion Anthropic deal, but its bridge loan expires before the rent starts\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptonews.uk.com\/#website\",\"url\":\"https:\/\/cryptonews.uk.com\/\",\"name\":\"Crypto News: Latest Cryptocurrency News and Analysis\",\"description\":\"Latest Crypto &amp; 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