Anthropic Signs $9.1B Deal With Bitcoin Miner Riot Platforms

Key Insights

• Anthropic secured a $9.1B compute deal with Bitcoin miner Riot Platforms.
• Riot will supply 191 MW from its Rockdale, Texas, campus.
• Two extensions could lift the contract’s value to $16.1B.

Anthropic struck a 20-year, $9.1 billion compute agreement with Riot Platforms on Aug. 10. Riot will supply 191 megawatts from its Rockdale, Texas, campus to support Anthropic’s artificial intelligence operations. Bloomberg reported the customer identity, while Riot disclosed the lease without naming Anthropic.

The agreement showed how Bitcoin mining infrastructure continued moving toward artificial intelligence workloads. Riot had already expanded into data center leasing through an agreement with Advanced Micro Devices. The new contract gave that strategy a longer revenue horizon.

Anthropic Deal Gives Riot A New Revenue Stream

Riot disclosed the lease on Aug. 10 through its second-quarter results package. Bloomberg reported that Anthropic was the unnamed “leading frontier AI” company referenced by Riot. The agreement will run through June 2048, Bloomberg reported.

The contract covered 191 MW of critical computing capacity at Rockdale. Riot expected the agreement to generate $9.1 billion in revenue over its initial term. Two five-year extension options could raise total sales to $16.1 billion, according to Barron’s.

The contract also changed the financial profile of Riot’s Rockdale site. The company previously used much of its Texas infrastructure for Bitcoin mining. Its latest filings showed a broader strategy for monetizing power and data center capacity.

Bitcoin Miner Riot Expands Into AI Infrastructure

Riot’s regulatory filings showed that the company began pursuing data center leasing in 2025. Its March 2026 filing described Bitcoin mining and non-mining data center operations as complementary businesses.

In January, Riot signed a 10-year lease with Advanced Micro Devices for Rockdale capacity. The initial agreement covered 25 MW and allowed expansion toward 200 MW. Riot later amended that agreement, bringing contracted capacity to 50 MW.

Riot’s March filing said Rockdale had about 700 MW of developed capacity. The company also reported 1.7 gigawatts of fully approved power capacity across its Texas facilities. That power base gave Riot room to pursue additional high-density computing customers.

The company’s shift also carried execution requirements. Barron’s reported that Riot had delivered 25 MW to AMD in May. Jefferies analyst Jonathan Petersen said that delivery occurred on schedule and within budget.

Anthropic Deal Tests Riot’s Data Center Strategy

The new agreement placed greater weight on Riot’s ability to convert power assets into computing revenue. Riot’s earlier AMD lease provided the first institutional test of that model at Rockdale.

The Anthropic contract was far larger than the initial AMD deployment. It also extended through 2048, creating a long contractual period for the planned capacity.

Riot still operated a Bitcoin mining business alongside its data center operations. Its March filing reported 42.5 exahashes per second of deployed mining capacity. The filing also described data center leasing as a separate avenue for non-mining workloads.

The structure reduced Riot’s reliance on Bitcoin mining revenue for part of its infrastructure economics. It did not eliminate exposure to Bitcoin prices or mining costs. That distinction remained relevant for investors assessing Riot’s future earnings mix.

Riot Shares React As Anthropic Deal Emerges

Barron’s reported that Riot shares jumped 16% in premarket trading on Aug. 11. The move followed an after-hours rise after Riot disclosed the unnamed artificial intelligence customer.

The market reaction reflected the size and duration of the new contract. Riot’s market capitalization stood near $7.3 billion before the announcement, Barron’s reported. The initial contract value therefore exceeded Riot’s reported market value at that point.

The comparison did not imply equivalent immediate cash generation. Revenue would depend on construction, delivery schedules, operating costs, and contract execution. Riot also expected the capacity to come online in stages.

Riot’s earlier filings showed that its data center business already generated revenue. Its first-quarter filing reported $33.2 million in data center revenue, although that figure included tenant fit-out reimbursement revenue.

The next milestone will involve the delivery schedule for Anthropic’s contracted capacity. Riot will have to build and commission the required infrastructure before the full revenue profile can develop.

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