Riot Platforms surges 20% in pre-market trading on $9.1 billion Anthropic deal
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Riot Platforms' shares rose over 20% in pre-market trading after signing a $9.1 billion, 20-year agreement to provide computing capacity to Anthropic, a leading AI lab. The deal covers 191 megawatts at Riot’s data center in Rockdale, Texas, with potential extensions increasing the contract value to $16.1 billion. This marks Riot’s strategic shift from bitcoin mining toward AI infrastructure services.
Why it matters
The deal highlights a broader industry trend of bitcoin miners pivoting to AI infrastructure to secure more stable revenue streams. Riot’s large, power-connected sites allow faster deployment for AI customers compared to new developers. The shift could reshape how data center resources are allocated in markets traditionally driven by cryptocurrency mining.
Key context
Riot previously focused almost exclusively on bitcoin mining, but declining bitcoin prices and competition have reduced mining revenue despite increased production. The Rockdale site already hosts contracted AI capacity with chipmaker AMD, bringing total AI-related capacity to 241 megawatts. Deployment for Anthropic begins in December 2027, with a full buildout by June 2028. Riot finances data center expansion by selling bitcoin and drawing down their treasury holdings.
Key numbers and entities
Riot Platforms (RIOT), Anthropic, Advanced Micro Devices (AMD), Bitdeer, Volta Infra. Contract worth $9.1 billion initially, potentially $16.1 billion with extensions. Contract covers 191 megawatts of capacity, with total AI capacity at Rockdale reaching 241 megawatts. Second-quarter revenue was $174.2 million, with bitcoin-mining revenue at $113.7 million. Riot’s bitcoin holdings decreased by 4,300 BTC over the quarter.
What remains unclear
The source does not flag open questions or uncertainties explicitly. The timing of deployment starting in late 2027 leaves a gap between the current market environment and when infrastructure will be operational.