Riot Strikes $9B Compute Deal with Anthropic Amid Growing AI Push

Riot Platforms, a leading Bitcoin mining company, has secured a massive deal to supply compute power to Anthropic, a prominent AI firm. According to Bloomberg, the agreement is valued at around $9 billion and spans 20 years.

The contract involves Riot's Rockdale, Texas campus providing 191 megawatts of capacity to Anthropic. This deal comes on top of another recent agreement between Anthropic and TeraWulf, a Bitcoin miner, which was worth $19 billion.

Riot's shares initially dropped by 5.4% on Monday but rebounded significantly in overnight trading, rising more than 21%. The company has seen its stock value surge over the past year, with a market capitalization of $7.33 billion, according to CompaniesMarketCap data.