Riot Secures $9 Billion Deal with Anthropic Amidst Growing AI Power Demand

Riot Platforms has secured a major deal to supply power to AI company Anthropic. The agreement, valued at around $9 billion, will see Riot provide 191 megawatts of capacity from its Rockdale, Texas campus over 20 years.

The deal marks the latest move by Bitcoin miners into the AI and high-performance computing space. Riot joins a growing list of companies, including Bitdeer, CleanSpark, MARA Holdings, Core Scientific, Hut 8, and IREN, that are expanding their operations to meet the increasing demand for computational power.

Anthropic has already struck another significant deal with Bitcoin miner TeraWulf, securing a $19 billion data center lease for 20 years. The company's growing need for power has led some experts to suggest that partnerships between AI companies and Bitcoin miners are essential to address the power crunch constraining AI data centers.

Riot's shares fell by 5.4% on Monday but rose more than 21% in overnight trading, with the stock up over 53% year-to-date according to Yahoo Finance data.