Woofun AI reports that Riot Platforms has locked in a massive infrastructure deal with Anthropic, yet the timing of its interim financing creates a structural vulnerability. The core conflict arises because the company's bridge loan from Morgan Stanley expires before the leased capacity becomes operational, leaving a significant funding void that must be bridged by permanent capital.

The lease agreement stipulates that the initial 96 MW of power 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.

However, funding that buildout requires a much earlier capital commitment than the revenue stream allows. Per Woofun AI, the company has structured this as a long-term revenue anchor, but the upfront capital requirements remain disconnected from the cash flow timeline.

The borrowings under the Morgan Stanley facility will mature on Dec. 31, 2026, roughly 12 months before the first Anthropic capacity is due online. The delayed-draw structure means the $573 million represents available borrowing rather than cash Riot has already received. 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.

Borrowings under the 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. This non-recourse structure isolates the parent company from direct liability but heightens the risk if the interim financing cannot be seamlessly replaced by the permanent backstop.