JPMorgan Lifts RIOT Stock Target to $22 Amid AI Infrastructure Push

Riot Platforms' stock price rose on Monday after JPMorgan increased its target to $22 from $20, maintaining an Overweight rating. The bank pointed to the momentum created by a recent $9.1 billion data center lease agreement with Anthropic as well as execution on Riot's existing AMD arrangement.

The Anthropic deal represents one of Riot's biggest steps into artificial intelligence infrastructure and adds long-term revenue potential from data center capacity while reducing reliance on Bitcoin mining alone. The contract, combined with the AMD agreement, shows how the company is using its power access and infrastructure to serve high-performance computing customers.

Riot reported total revenue of $174.2 million in the second quarter, up 14% from the same period last year. Data center operations contributed $23.2 million during the quarter, a smaller figure compared to Riot's wider business, but new contracted capacity could increase that contribution as projects move forward.

The company has historically traded as a Bitcoin-linked equity, meaning cryptocurrency prices heavily influence investor sentiment. However, long-term data center leases can offer revenue visibility that Bitcoin mining cannot always provide, and execution remains critical for the success of these agreements.