Riot Platforms signs a mega deal worth $9.1 billion: betting on AI instead of Bitcoin
Riot Platforms has made a strategic breakthrough by signing a long-term contract to lease computing capacity with one of the world's leading AI labs. This is a 20-year agreement with Anthropic that fundamentally changes the company's business model.
Deal details and financial math
Under the deal, Riot will provide 191 MW of capacity at its Texas campus in Rockdale. The contract runs until June 2048 and guarantees the company approximately $9.1 billion in revenue. It also includes two five-year renewal options, which could increase the potential value of the agreement to an impressive $16.1 billion.
The launch of the first 96 MW is scheduled for December 2027, with the full capacity to be commissioned by June 2028. Initial construction investments will total $573 million, with part of the financing provided by Morgan Stanley.
Financial results: revenue growth amid losses
In parallel, Riot published its second-quarter results. Revenue grew by 14%, reaching $174.2 million, distributed across three segments:
- data centers — $23.2 million;
- bitcoin mining — $113.7 million;
- engineering — $37.3 million.
However, the net loss amounted to $237.2 million, whereas a year earlier the company recorded a profit of $219.5 million. During the quarter, Riot mined 1,587 BTC, ending the period with liquid assets of more than $1.2 billion, including 11,380 BTC and $548.9 million in cash.
CEO Jason Les emphasized that in less than seven months, the company has signed contracts for 241 MW, equivalent to approximately $9.8 billion in long-term revenue under agreements with two major AI industry players.
Market reaction and industry context
The market response was mixed: on August 10, Riot shares on Nasdaq fell by 5.4%, but the very next day they surged by more than 23%, approaching the $24 mark. This suggests that investors are gradually recognizing the scale of the transformation.
The new agreement follows January's deal with AMD and cements Riot's pivot from pure bitcoin mining to AI infrastructure, which began 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 agreement with Volta Infra Holdings.
My analysis: This deal is a vivid example of the evolution of the mining industry. Riot is not just diversifying but effectively reshaping its business to fit new realities. Given the growing demand for AI computing capacity, such long-term contracts with fixed revenue could prove to be a more stable income source than volatile bitcoin mining. However, the key risk is the company's ability to meet its construction deadlines and technical specifications.