Riot Secures $9.1 Billion Deal with AI Company Anthropic

Riot Platforms has landed a significant deal to supply computing capacity from its Rockdale, Texas campus to Anthropic, a leading frontier AI company. The contract is worth around $9.1 billion and will provide 191 megawatts of power for 20 years.

The agreement marks a shift in the business model of Riot Platforms, which has been expanding towards high-performance computing contracts. This move reflects a broader trend among Bitcoin miners, who are seeking more profitable uses for their infrastructure.

Riot's stock surged by around 24% after hours to $24.13, despite reporting a quarterly GAAP net loss of $237 million and revenue of $174 million.