Riot is turning its Bitcoin mining infrastructure into an AI power play.
Shares of Riot Platforms (RIOT) rallied approximately 25% in overnight trading on reports that Anthropic agreed to purchase 191 MW of computing capacity from the Bitcoin miner under a 20-year contract worth $9.1 billion.
According to Bloomberg, the capacity will come from Riot’s Rockdale, Texas, campus, with the agreement running through 2048 and options that could extend it for another decade and generate as much as $16.1 billion in revenue.
The contract adds to a string of massive infrastructure deals Anthropic has struck this year as it works to meet surging demand for its AI models. Riot, meanwhile, is increasingly shifting its business beyond Bitcoin mining toward data centers serving the AI boom.
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