Riot Platforms signs historic $9.1 billion deal with Anthropic: miners finally become AI giants
The digital asset market continues its radical transformation, and the latest move by Riot Platforms is the clearest confirmation of that. The company has officially secured a 20-year contract to lease computing capacity with one of the leaders in artificial intelligence. This is Anthropic, and it is not just a partnership but a strategic pivot for an entire industry.
The deal's terms are impressive in scale. It involves leasing 191 MW of capacity at the Rockdale campus in Texas, with a term running through June 2048. Total revenue under the contract is estimated at $9.1 billion, but with two five-year extension options, the potential ceiling reaches $16.1 billion. This is not just a contract; it is a financial safety cushion for decades to come.
Technical details and financing
The first 96 MW of capacity is planned to be commissioned by December 2027, with the full volume by June 2028. Initial capital expenditures of $573 million will be partially financed by Morgan Stanley, reflecting the high confidence of the traditional financial sector in the miners' new business model.
In parallel, Riot released its second-quarter results, which demonstrate revenue diversification. Revenue grew by 14% to $174.2 million, with the data center segment bringing in $23.2 million, Bitcoin mining $113.7 million, and engineering services $37.3 million. The net loss was $237.2 million, compared to a profit of $219.5 million a year earlier, reflecting the company's investment phase.
Despite the loss, the company mined 1,587 BTC during the quarter and ended the period with liquid assets of over $1.2 billion, including 11,380 BTC and $548.9 million in cash. This is a serious margin of safety for implementing ambitious plans.
The market reaction was telling: Riot's shares initially fell by 5.4%, but the very next day they soared by more than 23%, approaching the $24 mark. Investors clearly saw long-term value in this deal, reassessing short-term risks.
This move is a continuation of the January agreement with AMD and part of a broader trend I have been observing for several years now. Core Scientific, IREN, Applied Digital, TeraWulf, and Hut 8 are making similar bets on AI. The industry has finally ceased to be just "Bitcoin mining," evolving into a high-tech infrastructure sector. Anthropic, for its part, continues to aggressively acquire computing capacity: recall that in August it also signed a $10 billion agreement with Volta Infra Holdings.
My analysis: This is not just a deal; it is a signal that miners have found a way to monetize their assets with less volatility than BTC mining. However, it is worth remembering: betting on AI is a bet that demand for computing will grow exponentially. If this bubble bursts, the blow to such companies will be painful. But for now, the market believes in this scenario, and Riot looks like one of the main beneficiaries.