Riot Lands $9B Anthropic Lease in AI Sector Push

Riot Platforms, a major player in the crypto space, has made significant strides into the AI sector by striking a massive deal with Anthropic. The company announced a 20-year data center lease with the AI firm, which is expected to generate approximately $9 billion in revenue over the agreed period.

The agreement, which will run until June 2048 and can be extended for another five years, entails 191 megawatts of IT capacity at Riot's campus in Texas. To cover development costs, Riot secured $573 million in financing from Morgan Stanley.

Riot shares surged +25% in after-hours trading following the news, with investors taking a positive stance on the company's expansion plans. The move is expected to reduce market pressure on Bitcoin as the entity may reduce selling BTC during the downtrend.