Riot Platforms Signs $9 Billion 20-Year Compute Deal with Anthropic
Riot Platforms, the fourth-largest bitcoin miner, has entered into a 20-year compute deal worth $9 billion with Anthropic. The agreement, announced on August 11, marks a significant shift in Riot's business structure from focusing solely on bitcoin mining to leasing AI infrastructure.
The deal will see Anthropic lease 191 megawatts of power at Riot's Rockdale, Texas campus over the next two decades. With demand for artificial intelligence computing surging, the agreement has secured scarce grid interconnection resources for the AI company.
Riot shares jumped more than 20 percent following news of the deal but later gave back most of the gains. The market reaction highlights investors' cautious approach to the business shift, with some weighing when earnings will be reflected and the pace of the transformation.