Riot Platforms signs mega deal with Anthropic for $9.1 billion: miner transforms into AI giant
American bitcoin miner Riot Platforms has made a strategic breakthrough by signing a 20-year contract to lease computing power with one of the world's leading AI labs. This involves Anthropic, the company behind the development of advanced language models. This is not just a deal, but a fundamental transformation of the miner's business model.
Agreement Details: Numbers and Timelines
Under the terms of the agreement, Riot will provide Anthropic with access to 191 MW of capacity at its Texas campus in Rockdale. The contract runs until June 2048 and guarantees the miner approximately $9.1 billion in revenue. The document also includes two five-year extension options, which could increase the potential value of the deal to an impressive $16.1 billion.
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 investment bank Morgan Stanley, underscoring the seriousness of the parties' intentions.
Financial Results: Revenue Growth Amid Losses
Alongside the deal announcement, Riot reported its second-quarter results. The company's revenue grew by 14%, reaching $174.2 million. The revenue structure shows diversification:
- data centers — $23.2 million;
- bitcoin mining — $113.7 million;
- engineering — $37.3 million.
However, the net loss amounted to $237.2 million, sharply contrasting with the profit of $219.5 million a year earlier. During the quarter, the company mined 1,587 BTC and ended the period with over $1.2 billion in liquid assets, including 11,380 BTC and $548.9 million in cash.
Market Reaction and Strategic Context
The market reacted mixed: on August 10, Riot shares closed down 5.4%, but the very next day they surged more than 23%, approaching the $24 mark. Such volatility reflects investors' reassessment of the company's new strategy.
Riot CEO Jason Les emphasized that in less than seven months, the company has signed lease agreements for 241 MW, equivalent to approximately $9.8 billion in long-term revenue under contracts with two major AI players. This deal follows the January agreement with AMD and marks a definitive pivot from pure bitcoin mining to high-tech data centers. Core Scientific, IREN, Applied Digital, TeraWulf, and Hut 8 are making similar bets. Recall that in August, Anthropic also signed a $10 billion deal with Volta Infra Holdings.
My view: This deal is striking confirmation that the mining industry is undergoing a tectonic shift. Riot, with its unique energy infrastructure, is becoming a key player in the high-performance computing market. However, investors should closely monitor construction progress and the company's ability to meet its obligations to Anthropic on time — delays could cost billions.