Riot Platforms' $9.1 Billion AI Lease Shifts Focus From BTC Mining

Riot Platforms has signed a significant deal with Anthropic, a leading AI lab, to supply 191 megawatts of capacity from its Rockdale, Texas campus over 20 years. The $9.1 billion compute lease is expected to generate revenue for Riot, but with a twist: it's not directly related to Bitcoin mining.

The agreement runs through June 2048 and has two five-year extension options that could push the total contract value to as much as $16.1 billion if both are exercised. Initially, data center capacity won't go live until late 2027, with full deployment targeted for mid-2028.

This deal marks a strategic pivot for Riot, which has transitioned from a biotech firm to Bitcoin mining and is now evolving into an AI landlord, utilizing its power and land assets. The company's shares jumped 25% in after-hours trading on the news, but the market reaction was not immediate or uniform.