Riot Platforms Inks $9.1 Billion Cloud Deal with Anthropic

Riot Platforms has struck a massive deal with AI developer Anthropic to supply computing capacity from its Texas campus. The agreement, which runs through June 2048, will generate $9.1 billion in revenue for Riot and represents one of several deals the company has inked to capitalize on the AI boom.

Riot's Rockdale, Texas campus will provide 191 megawatts of computing power to Anthropic, enough to power roughly 143,000 homes at any given moment. This deal is part of a larger trend of crypto firms moving into cloud computing to tap into the growing demand for AI tools.

Anthropic has struggled to keep up with customer demand in recent months and has inked several deals with cloud computing suppliers to shore up its needs. The company recently signed a $10 billion deal with Volta Infra Holdings Ltd. and agreed to buy nearly $45 billion worth of computing from Elon Musk's xAI in May.

Riot's shares jumped 25% to $24.40 in late trading on news of the deal, underscoring the significance of this agreement for the company.