Riot Platforms Surges 26% on $9.1 Billion Anthropic Deal
Riot Platforms' stock surged over 26% in an overnight session after Bloomberg reported that the company had signed a deal to supply $9.1 billion worth of computing power to Anthropic, a leading AI developer. The news came just hours after Riot announced a separate agreement with AMD without naming the customer.
The deal marks another significant partnership between former Bitcoin miners and AI developers, who are increasingly using their power capacity, land, and cooling infrastructure to support high-performance computing. Riot's CEO Jason Les said in an earnings statement that the company has now executed leases totaling 241 megawatts of capacity, representing approximately $9.8 billion of long-term contracted revenue with two key companies in the AI ecosystem.
Riot Platforms reported a 14% increase in Q2 revenue to $174.2 million, but swung to a net loss of $237.2 million from a net profit of $219.4 million in the year-ago quarter. The company began its shift from Bitcoin mining toward AI data centers in 2025 and signed its first major lease with AMD in January 2026.