Riot Platforms signs historic $9.1 billion deal with Anthropic: miners finally become AI giants
American miner Riot Platforms has made a strategic breakthrough by signing a 20-year contract to lease computing capacity with one of the leaders in artificial intelligence. This refers to Anthropic, which is leasing 191 MW of capacity at Riot's Texas campus in Rockdale. The agreement runs until June 2048 and guarantees the miner approximately $9.1 billion in revenue, and with two five-year extension options, this amount could grow to $16.1 billion.
Deal details and financial aspects
The first 96 MW of capacity will be launched by December 2027, with the full volume by June 2028. Initial construction investments will total $573 million, with part of the financing provided by Morgan Stanley. This is not just a leasing deal—it is effectively a transformation of Riot's business model, moving further away from classic Bitcoin mining toward high-tech infrastructure for AI.
In parallel, Riot reported its second-quarter results. Revenue grew by 14% to $174.2 million, distributed across three key segments:
- data centers — $23.2 million;
- Bitcoin mining — $113.7 million;
- engineering — $37.3 million.
However, the net loss amounted to $237.2 million, compared to $219.5 million in profit a year earlier. During the quarter, the company mined 1,587 BTC and ended the period with more than $1.2 billion in liquid assets, including 11,380 BTC and $548.9 million in cash.
Market reaction and strategic context
Riot CEO Jason Les emphasized that in less than seven months, the company signed lease agreements for 241 MW, equivalent to approximately $9.8 billion in long-term revenue under contracts with two major AI players. The market reaction was mixed: on August 10, shares closed down 5.4%, but the very next day they surged more than 23%, approaching $24.
This deal is a continuation of the January agreement with AMD and part of Riot's large-scale pivot from Bitcoin mining to AI data centers, initiated in 2025. Core Scientific, IREN, Applied Digital, TeraWulf, and Hut 8 are pursuing a similar strategy. Notably, in August, Anthropic also signed a $10 billion deal with Volta Infra Holdings, confirming the trend toward AI infrastructure consolidation.
My analysis: This deal marks the final evolution of the mining industry. Riot is no longer just a Bitcoin producer—it is a high-tech AI infrastructure operator. However, investors should remember: the transition from the volatile crypto market to long-term contracts with AI giants reduces risks but also limits the potential for excess profits. The key question is whether Riot can effectively balance between the two business models while maintaining margins amid growing competition.