Riot Platforms Jumps 20% on $9.1B Anthropic AI Infrastructure Deal

Woofun AI reports that Riot Platforms (RIOT) shares surged more than 20% in pre-market trading on Tuesday, driven by the announcement of a $9.1 billion AI infrastructure deal with Anthropic. This transaction accelerates the company's transformation from a pure-play bitcoin (BTC) miner into a critical provider of artificial intelligence infrastructure.

The 20-agreement, identified by Bloomberg as involving Anthropic, secures 191 megawatts of computing capacity at Riot's Rockdale, Texas campus. Riot projects the base term will generate between $7.3 billion and $8.2 billion in cumulative net operating income. Two five-year extension options could increase total contract revenue to $16.1 billion, highlighting the financial scale of this strategic shift.

Deployment at the Riot sites starts in December 2027, with the full buildout expected by June 2028. This follows a prior lease with chipmaker Advanced Micro Devices (AMD), bringing contracted AI capacity at Rockdale to 241 megawatts. Riot delivered an initial 25 megawatts during the second quarter and is constructing a further 25 megawatts to meet demand.

Woofun AI data shows second-quarter revenue rose 14% to $174.2 million, including $23.2 million from data centers. Bitcoin-mining revenue declined to $113.7 million as lower bitcoin prices and rising network competition offset increased production. According to BitcoinTreasuries.net, Riot's holdings declined from 15,680 bitcoin to 11,380 at quarter-end, a reduction of 4,300 BTC over the three months.

The past few months have seen a selloff across the AI sector, leaving rival AI-focused miners such as Cipher Mining (CIFR), TeraWulf (WULF) and IREN (IREN) more than 40% below their record high.

Notably, Anthropic recently signed a six-year, $10 billion contract with Volta Infra for computing capacity at a site in Norway operated by bitcoin miner Bitdeer. This marks a definitive industry pivot toward steady AI revenue streams.