Anthropic Invests $9.1 Billion in Riot Platforms for AI Cloud

Anthropic Invests $9.1 Billion in Riot Platforms for AI Cloud

The American AI giant, Anthropic, has struck a major deal with Riot Platforms, a Texas-based company that is gradually transitioning from a bitcoin mining model to that of an AI infrastructure provider. This agreement, lasting twenty years, is valued at $9.1 billion and involves access to a significant portion of Riot's computing capacity at its Texas campus, which is currently undergoing transformation.

The contract extends until June 2048 and includes two five-year extension options. If these options are exercised, the total value of the agreement could reach $16.1 billion.

Contract Details

Specifically, Anthropic is guaranteed 191 megawatts of computing capacity at Riot's campus in Rockdale, Texas. This capacity will be rolled out in phases:

• 96 megawatts are expected to be available by December 2027.
• The full 191 megawatts will be operational by June 2028.

To finance the construction of the site, Riot is relying on a bridge financing of $573 million provided by Morgan Stanley, a common mechanism in an industry where infrastructure needs are growing faster than companies' cash reserves.

Market Reactions

Following this announcement, Riot's stock surged by about 25% in after-hours trading on August 10, reaching approximately $24.30. Clearly, artificial intelligence is attracting investors.

Career Transition for Riot

Although Riot Platforms remains a bitcoin mining company, having mined 1,587 bitcoins in the second quarter of 2026 alone, it is shifting towards a model of renting out computing infrastructure. Its CEO, Jason Les, stated that the company has "signed leases representing 241 megawatts of capacity, amounting to approximately $9.8 billion in long-term contracted revenues" with major players in AI over the past six months.

This evolution is not unique to Riot. Other former bitcoin miners have found that their large, energy-intensive sites are well-suited for the training and operation of artificial intelligence models and have begun renting out these capabilities.

Anthropic's Infrastructure Race

Anthropic typically outsources the construction of the data centers it uses for its own workloads. The company has ramped up its computing agreements in recent months, establishing multi-billion dollar arrangements with cloud providers, chip manufacturers, and now, former cryptocurrency miners. All of this aims to secure capacity before its competitors do.

The demand for its models continues to grow, and meeting this demand requires purchasing, leasing, or reserving available computing resources.

The question of whether these twenty-year commitments will still be wise by 2048 remains unanswered for now.