Riot Platforms Signs $9 Billion AI Data Center Deal with Anthropic

Riot Platforms has struck a massive deal with Anthropic, a company that specializes in artificial intelligence. The agreement is for $9.1 billion and will provide Anthropic with AI data center capacity from Riot's Texas campus. This deal will generate $9.1 billion in revenue by 2048.

The contract runs for 20 years and includes an option to extend it twice, by five years each, which could bring the total sales to as much as $16.1 billion. Anthropic has been struggling to keep up with customer demand for AI tools, and this deal is one of several that the company has signed in recent months to help shore up its computing needs.

Riot's shares jumped 25% to $24.40 in late trading after news of the deal broke. The company recently shifted from making diagnostic machinery for the biotech industry to Bitcoin mining and now cloud computing.