Anthropic has agreed to take 191 megawatts of computing capacity at Riot Platforms’ Rockdale campus in Texas. The 20-year agreement could ultimately be worth $16.1 billion, accelerating Riot’s transformation from bitcoin miner to AI infrastructure provider.
Key Takeaways
Riot signed Anthropic for 191 MW through 2048, with the deal worth up to $16.1B.Riot’s artificial intelligence (AI) pivot lifted data-center revenue to $23.2M as bitcoin mining revenue fell to $113.7M.Riot plans 96 MW by Dec. 2027 and all 191 MW by June 2028, making AI core to growth.Anthropic is turning to a former pure-play bitcoin miner for the vast computing capacity needed to support its rapidly expanding artificial intelligence business.
Riot expects the base agreement, which runs through June 2048, to generate about $9.1 billion in revenue. Two optional five-year extensions could lift total contract value to approximately $16.1 billion. Riot shares rose 18.3% premarket on Tuesday, Aug. 11, following Anthropic’s identification as the customer.
Riot Turns Bitcoin Power Into AI RevenueRiot will deliver the facility in phases. The first 96 MW is scheduled for December 2027, with the full 191 MW expected online by June 2028. Morgan Stanley is providing a $573 million interim financing facility for initial development.
The company estimates the contract will generate cumulative net operating income of between $7.3 billion and $8.2 billion during its initial term, or an average of $365 million to $411 million annually.
“This marks a defining moment in our evolution into a leading developer of large-scale data centers,” CEO Jason Les said.
The Anthropic agreement follows Riot’s January lease with Advanced Micro Devices. Riot has now contracted 241 MW at Rockdale across the two customers, representing about $9.8 billion in long-term contracted revenue.
Data Centers Begin Reshaping Riot’s BusinessThe company mined 1,587 bitcoin during the quarter and ended June with 11,380 BTC plus $548.9 million in cash.
