Riot Platforms Signs $9.1 Billion Deal with AI Lab Anthropic

Riot Platforms, a Texas-based Bitcoin miner, has signed a massive $9.1 billion deal to lease its facilities to Anthropic, an AI lab, for 20 years. The agreement marks another step in Anthropic's efforts to secure the computing power it needs to train and run its AI models.

The facility, which was previously used for Bitcoin mining, will be transformed into a site for leasing AI computing power. Riot Platforms expects to have 96 MW operational by December 2027 and the full 191 MW by June 2028. The deal includes an option to extend it twice for an additional 5 years each time, which would bring the total value of the deal up to $16.1 billion.

Morgan Stanley is providing $573 million in bridge financing to cover the costs of developing the site. This move reflects the growing demand for AI computing power and the need for companies to secure resources ahead of their competitors.