Riot Secures $9 Billion Deal to Supply AI Infrastructure

Riot Platforms has secured a 20-year agreement to supply 191 megawatts of computing capacity from its Rockdale, Texas, campus to a leading frontier AI company, Anthropic. The contract is valued at roughly $9.1 billion.

The deal marks a significant shift for Riot as it repositions itself from primarily being a Bitcoin mining operation to providing long-duration infrastructure for artificial intelligence. This move reflects a broader trend among Bitcoin miners toward high-performance computing contracts globally.

Riot's stock surged 24% after hours to $24.13, despite the company reporting a $237 million quarterly GAAP net loss and $174 million in revenue. Investors seem to view this deal as a strategic revaluation rather than a routine hosting contract.