Riot Platforms has signed a $9.1 billion agreement with Anthropic to provide computing capacity. The 20-year deal covers 191 megawatts of capacity at the company's campus in Rockdale, Texas.
Deployment at the sites is reported to begin in December 2027, with a full buildout expected by June 2028. The agreement could increase total contract revenue to $16.1 billion if two five-year extension options are exercised.
Projected cumulative net operating income from the base term of the deal
The Rockdale site's contracted AI capacity reached 241 megawatts following a lease with chipmaker Advanced Micro Devices (AMD). Following the Anthropic agreement and an existing lease with AMD, Compass Point analyst Michael Donovan stated Riot has a 'two-tenant campus carrying $9.8 [billion] of contracted data center revenue'.
Riot has a 'two-tenant campus carrying $9.8 [billion] of contracted data center revenue'
Riot Platforms' shares rose more than 20% in pre-market and overnight trading following the report. The stock is up more than 53% year-to-date.
Financial performance and market position
In the second quarter, Riot Platforms' revenue rose 14% to $174.2 million, including $23.2 million from data centers. During the same period, Bitcoin-mining revenue declined to $113.7 million, and Bitcoin holdings fell from 15,680 BTC to 11,380 BTC.
Riot Platforms is currently the world's fourth-largest Bitcoin mining company with a $7.33 billion market capitalization. Bernstein analysts estimate that AI colocation now accounts for 84% of Riot Platforms' target enterprise value, compared to 11% for bitcoin mining.
Michael Donovan reiterated a 'Buy' rating on Riot Platforms and maintained a $29 price target.
Anthropic's infrastructure expansion
Anthropic has secured multiple large-scale infrastructure deals. On July 6, the company struck a $19 billion deal for a 20-year data center lease with Bitcoin miner TeraWulf. Additionally, Anthropic recently signed a six-year, $10 billion contract with Volta Infra for computing capacity at a site in Norway operated by Bitdeer.
