AI Business
1d ago
Riot Platforms signs $9 billion deal with Anthropic to provide AI computing power
Aug 11, 2026
AI Summary
Riot Platforms has entered into a 20-year agreement with Anthropic worth $9 billion to lease computing power at its Texas facility. This deal marks a significant shift for Riot from bitcoin mining to becoming a provider of AI infrastructure, reflecting broader trends in the industry as demand for AI capabilities grows.
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- Riot Platforms has signed a $9 billion, 20-year compute deal with Anthropic, confirmed by CNBC.
- The agreement involves leasing 191 megawatts of power at Riot's Rockdale, Texas campus, providing Anthropic with access to essential grid-connected power for AI computing.
- The deal is projected to generate $9.1 billion in revenue over its term, potentially increasing to $16.1 billion if extended for two additional five-year periods.
- This agreement follows Riot's existing contract with Advanced Micro Devices, leading to a total of $9.8 billion in contracted data center revenue from two tenants.
- The shift from bitcoin mining to AI infrastructure is occurring as bitcoin prices remain low, prompting miners to seek alternative revenue sources.
- Companies like Cipher Mining, Hut 8, and Terawulf are also transitioning to hybrid models, while Riot, Mara Holdings, and CleanSpark continue to focus on traditional mining.
- The Electric Reliability Council of Texas (ERCOT) is increasing scrutiny on new power projects, which may enhance the value of existing power contracts due to limited capacity.
- Analysts suggest that the scarcity of approved power capacity could increase its strategic value, maintaining a positive outlook on Riot's stock.
bitcoinai infrastructurecompute dealriot platformsanthropic