Anthropic Signs Another $9.1 Billion Compute Deal as Bitcoin Miner Riot Pivots to AI Data Centers, Sending Shares Up 25% After Hours

TradingKey - On August 10, US Eastern Time, according to Bloomberg, citing people familiar with the matter, AI large language model company Anthropic has reached a $9.1 billion, 20-year cloud computing agreement with Bitcoin miner Riot Platforms (RIOT). Following the news, Riot's stock rose over 25% in after-hours trading. As of press time, Riot was up 21.29% in overnight trading.

[Source: TradingView]

Riot disclosed earlier Monday that the company has signed an agreement with a "leading frontier AI" firm to provide 191 megawatts of data center capacity from its Rockdale campus in Texas, equivalent to powering approximately 143,000 homes simultaneously. People familiar with the matter said the unnamed customer is Anthropic.

Under the terms of the agreement, which runs through June 2048, Riot expects to generate $9.1 billion in revenue. The agreement also includes two five-year extension options, which, if fully exercised, could bring the total contract value up to $16.1 billion.

This major deal further accelerates Riot's transition from a Bitcoin miner to an AI data center service provider. Data shows that Riot's second-quarter data center business revenue reached $23.2 million, including 25 megawatts of deployed compute capacity from AMD (AMD), with another 25 megawatts under construction. Combined with the 191-megawatt deal signed with Anthropic, Riot's currently contracted data center capacity reaches 241 megawatts, corresponding to an expected contract revenue of approximately $9.8 billion.

For Anthropic, this marks its third consecutive large-scale compute procurement in recent months. In May this year, the company agreed to pay SpaceX (SPCX) nearly $45 billion to secure compute resources; last month, it signed a six-year, $10 billion deal with cloud infrastructure startup Volta.

In just three months, Anthropic has locked in over $60 billion in total compute contracts. This is aimed both at ensuring that its compute supply over the next decade remains unconstrained and at stockpiling resources to engage in long-term competition with rivals such as OpenAI and Google (GOOGL).