Riot Platforms Stock Rises on $9.1B Anthropic Deal

Riot Platforms' stock surged about 14% in premarket trading on Tuesday after a Bloomberg report revealed that Anthropic is behind the $9.1 billion infrastructure agreement with the company.

The deal, which runs through June 2048, will provide 191 megawatts of computing capacity from Riot's Rockdale, Texas campus and generate about $9.1 billion in revenue over its initial 20-year term.

Riot has been transforming itself from a cryptocurrency miner into an AI infrastructure provider, and this deal marks another step in that process. The company signed a separate agreement with Advanced Micro Devices to build AI computing infrastructure, covering 241 MW of contracted IT capacity at Rockdale.