Riot Lands $9.1 Billion Deal with Anthropic Amid AI Boom

Riot Platforms Inc., a Bitcoin mining company, has struck a massive deal with AI developer Anthropic PBC. The $9.1 billion agreement will see Riot supply computing power from its Rockdale, Texas campus to Anthropic for the next 20 years.

Anthropic has been struggling to meet customer demand for AI tools and has inked several deals in recent months to shore up its computing needs. This deal with Riot includes an option to extend the contract twice, by five years each, which could bring the total sales value to $16.1 billion.

Riot's shares jumped 25% to $24.40 in late trading on news of the deal. The company has been expanding its data center business and recently announced a separate deal with Advanced Micro Devices Inc. to build computing capacity.