Riot Signs $9 Billion Compute Deal with AI Firm Anthropic

Riot Platforms has agreed to supply 191 MW of computing capacity to AI company Anthropic under a massive 20-year contract worth $9 billion. The deal, which was reported by Bloomberg and confirmed by Riot in an August 10 press release, will provide power for Anthropic's operations at Riot's Rockdale campus in Texas.

The agreement is significant not only because of its value but also because it reflects a growing trend in the industry. Investment firm Bernstein noted in a July report that AI companies and Bitcoin miners are forming partnerships to address power shortages holding back AI data center expansion.

Riot's shares experienced volatility following the announcement, dropping 5.4% on August 10 before rising over 21% in overnight trading. This comes after a year-to-date increase of more than 53%. By market capitalization, Riot is the fourth-largest BTC mining company at $7.33 billion.

This deal marks Anthropic's second major infrastructure agreement with a Bitcoin miner, following a $19 billion lease with TeraWulf in July.