Riot Platforms Signs $9.1 Billion Compute Deal With Anthropic

Riot Platforms has signed a 20-year agreement to supply 191 megawatts of computing capacity to Anthropic, in a deal valued at roughly $9.1 billion. The capacity will come from Riot's Rockdale, Texas facility and is expected to be brought online in phases through June 2028.

The agreement is expected to generate approximately $457 million in annual recurring revenue once fully deployed, giving the former pure-play bitcoin miner a long-dated contracted revenue stream tied to artificial intelligence infrastructure rather than crypto prices. Riot reported second-quarter revenue of $174.2 million, ahead of consensus estimates near $153 million and up roughly 14% year over year, alongside a quarterly net loss of $237.2 million.

Bernstein raised its price target on the stock to $35 from $30 and maintained an Outperform rating, describing the colocation agreement as establishing a clear path to scale. Riot shares are up roughly 60% year to date.