Bitcoin mining firm Riot Platforms has signed a 20-year, $9.1 billion agreement to provide 191 megawatts of data center capacity to AI developer Anthropic. This move marks a strategic shift into AI infrastructure, helping the company diversify revenue beyond crypto mining. Riot shares rose 25% in extended trading following the news.
Riot Platforms, a company primarily known for Bitcoin mining, has announced a major 20-year cloud computing agreement with AI developer Anthropic. The deal is valued at $9.1 billion and involves supplying 191 megawatts of computing capacity from Riot's facility in Rockdale, Texas. The contract includes options for two five-year extensions, which could potentially raise the total contract value to $16.1 billion.
The market reacted strongly to this development, with Riot Platforms’ stock rising approximately 25% to $24.40 in late trading on August 10, 2026. This announcement highlights a growing trend among cryptocurrency mining companies that are repurposing their power-heavy infrastructure to support the rising demand for artificial intelligence and cloud computing.
For Riot Platforms, this deal represents a significant step in its transition to a broader data center and infrastructure business. While the company continues to mine Bitcoin, it has been actively expanding into the high-performance computing sector. This strategy is designed to provide more predictable, long-term revenue streams compared to the historically volatile nature of cryptocurrency prices. In its recent second-quarter results, the company reported $174.2 million in revenue, which outperformed market expectations, partly due to the increased focus on its data center operations.
However, shifting from cryptocurrency mining to AI-focused cloud infrastructure carries specific business risks. Building and maintaining high-capacity data centers requires massive capital investment and ongoing maintenance expenses. Investors should be aware that the company's financial results will now be tied to the execution of long-term infrastructure projects rather than just the price of Bitcoin. Additionally, the business model relies heavily on the continued growth of the AI sector and the ability to manage complex energy costs effectively in its Texas operations.
Anthropic, on the other hand, is aggressively securing infrastructure to support its Claude AI models. The deal follows similar moves by other AI companies looking to lock in power and computing resources amid stiff competition for hardware.
The primary monitorable for investors will be the successful conversion of Riot's power capacity into operational data center space. The company must now deliver on the technical requirements for the 191 megawatts of power promised to Anthropic while maintaining its existing crypto mining commitments. Future earnings reports will be key to understanding whether this pivot can deliver sustainable profit margins and support the company's long-term capital expenditure plans.