Riot Platforms signs $9B compute deal with Anthropic
Riot Platforms has signed a $9 billion, 20-year compute deal with Anthropic, as confirmed by CNBC's David Faber. The agreement leases 191 megawatts at Riot's Rockdale, Texas campus, providing Anthropic with grid-connected power for AI computing. Riot expects to generate $9.1 billion in revenue over the term, potentially rising to $16.1 billion with extensions. This follows Riot's earlier deal with AMD, giving it a two-tenant campus with $9.8 billion in contracted data center revenue. Shares initially jumped over 20% but gave back gains, reflecting the market's reaction to the miner's pivot toward AI infrastructure. This marks a significant strategic shift as bitcoin miners increasingly become providers of digital infrastructure rather than pure bitcoin producers.
Riot Platforms signs $9B compute deal with Anthropic
Bitcoin miner Riot Platform has struck a $9 billion, 20-year compute deal with Anthropic, CNBC's David Faber has confirmed. The agreement is expected to generate $9.1 billion in revenue over its 20-year term.
Key takeaway
Riot Platforms' $9B Anthropic deal demonstrates that bitcoin miners can pivot to high-value AI infrastructure providers, leveraging their power capacity for long-term contracted revenue.
What happened
CNBC's David Faber reported that Riot Platform has agreed to a $9 billion, 20-year compute deal with Anthropic, leasing 191 megawatts at its Rockdale, Texas campus. The agreement is expected to generate $9.1 billion in revenue over its term, rising to $16.1 billion if extended.
Riot already has a deal with AMD, and analyst Michael Donovan of Compass Point notes Riot now has a 'two-tenant campus carrying $9.8 billion of contracted data center revenue.' The market initially pushed shares up over 20% before they gave back most of the gain, reflecting the strategic shift from bitcoin mining to AI infrastructure.
Evidence
Riot Platforms and Anthropic signed a $9 billion, 20-year compute deal.
Cnbc · attributed
Bitcoin miner Riot Platform has struck a $9 billion, 20-year compute deal with Anthropic, CNBC's David Faber has confirmed.
The agreement leases 191 megawatts at Riot's Rockdale, Texas campus.
Cnbc · attributed
The agreement would lease 191 megawatts at Riot's Rockdale, Texas computer campus
Expected revenue is $9.1 billion over 20 years, rising to $16.1 billion with extensions.
Cnbc · attributed
The agreement is expected to generate $9.1 billion in revenue over its 20-year term, rising to roughly $16.1 billion if the agreement is extended for two additional five-year periods.
Riot now has a two-tenant campus with $9.8 billion in contracted data center revenue.
Cnbc · attributed
Riot now has a "two-tenant campus carrying $9.8 [billion] of contracted data center revenue," Compass Point analyst Michael Donovan said in a note Tuesday.
Shares initially soared over 20% before giving back gains.
Cnbc · attributed
Shares initially soared more than 20% in reaction before giving up almost the entire gain.
Why it matters
This deal underscores the transformation of bitcoin miners into owners of digital infrastructure, as AI demand for power and compute becomes more valuable than bitcoin production, especially amid falling cryptocurrency prices and ERCOT's scrutiny of new power projects.
Limits and uncertainties
The revenue projections assume extensions and depend on Anthropic's usage; the full value hinges on the additional five-year periods.
The market reaction suggests skepticism or profit-taking, as shares gave back most of the initial gains.
Practical implications
Miners with grid-connected power should explore similar AI compute partnerships to diversify revenue.
Operators should highlight their energy contracts and infrastructure assets to attract AI clients, as power scarcity gains strategic value.
What to watch
Watch for other pure-play miners like Mara Holdings or CleanSpark to announce similar AI compute deals.
Monitor ERCOT's regulatory decisions on power projects, which could affect the scarcity value of greenlit capacity.
