Riot Platforms Shares Jump on $9.1 Billion AI Infrastructure Deal

Riot Platforms shares surged more than 20% before U.S. markets opened Tuesday after the bitcoin miner announced a 20-year agreement to provide computing infrastructure to a leading frontier AI lab. CoinDesk reported that Bloomberg identified the customer as Anthropic, and the base contract is valued at $9.1 billion.

The deal matters because it shows how large crypto mining companies are repositioning themselves as AI infrastructure providers. Bitcoin mining revenue can swing with token prices, mining difficulty and network competition, while long-term compute leases may offer more predictable income from sites that already have grid connections, land and cooling systems.

The agreement covers 191 megawatts of computing capacity at Riot’s Rockdale, Texas, campus. Deployment is expected to begin in December 2027, with the full buildout targeted for June 2028. Two five-year extension options could lift total contract revenue to $16.1 billion, according to the report.

Riot said the base term is projected to generate between $7.3 billion and $8.2 billion in cumulative net operating income. The Anthropic-linked agreement follows Riot’s lease with AMD, bringing contracted AI capacity at Rockdale to 241 megawatts. The company delivered an initial 25 megawatts in the second quarter and is building another 25 megawatts.

The shift comes as Riot’s second-quarter revenue rose 14% to $174.2 million, including $23.2 million from data centers. Bitcoin-mining revenue declined to $113.7 million, as lower bitcoin prices and higher network competition offset increased production. CoinDesk also reported that Riot has been selling monthly bitcoin production and reducing its treasury to help fund data center investment.