Riot Inks $9.1B Deal with Anthropic for AI Computing Capacity

Riot Platforms has secured a 20-year agreement to supply 191 megawatts of computing capacity from its Rockdale, Texas campus to Anthropic, a leading frontier AI company. The contract is valued at roughly $9.1 billion and represents a significant shift in the company's business model.

The deal reflects a broader industry trend as Bitcoin miners like Riot are redirecting capital towards high-performance computing and artificial intelligence infrastructure. This pivot has the potential to reshape the economics of Bitcoin mining, creating new revenue streams for companies that can adapt.

Riot shares surged 24% after hours following the announcement, despite the company reporting a quarterly GAAP net loss of $237 million and $174 million in revenue.