Riot Platforms inks $9.1B AI capacity deal with Anthropic

Riot Platforms announced a long-term AI infrastructure agreement with Anthropic to supply large-scale computing capacity from its Rockdale, Texas, site. The company said the contract covers 191 megawatts of computing capacity over a 20-year term and places a value of $9.1 billion on the arrangement.

Riot Platforms said options to extend the agreement could lift the total value to $16.1 billion through 2048. The company did not provide additional technical detail on the computing systems that will be deployed under the contract.

Rockdale rollout set to come online in stages

Riot Platforms said the capacity will not be Riot Platforms said the capacity will not be delivered in a single switch-on event, but through a phased buildout at Rockdale. Under the schedule provided, the company expects 96 megawatts to be operational by December 2027. Riot Platforms added that the full contracted 191 megawatts is projected to be online by June 2028. The company described the staged approach as the delivery method it plans to use to reach the contracted computing level at the facility. Financing, revenue mix, and broader shift to data centers Riot Platforms said the project is backed by a $573 million interim financing facility from Morgan Stanley. The company positioned the Anthropic agreement as part of a broader push into large-scale data center infrastructure.

In its most recent quarter, Riot Platforms reported mining revenue of $113.7 million, down from prior levels, while data center revenue increased to $23.2 million. The company has historically been associated with bitcoin mining, and it said the Anthropic contract aligns with a shift in how it generates revenue.

AI demand and additional capacity already secured at Rockdale Riot Platforms said the deal reflects an industry pattern in which bitcoin mining companies repurpose existing assets to meet AI-related demand. It pointed to established power grid connections and land holdings as advantages for serving AI developers’ energy requirements.

The company said that, when combined with earlier agreements, the Anthropic contract brings total secured capacity at the Rockdale site to 241 megawatts. Riot Platforms described AI infrastructure as a primary revenue driver for the firm based on the contracted capacity now in place.

Uncertainties include delivery timing and extension outcomes

Riot Platforms highlighted open questions around execution. It said there is uncertainty over how quickly each stage will reach targeted operational dates, even as it provided projections for December 2027 and June 2028.

The company also noted that the higher total value depends on how extension options are ultimately exercised, since the $16.1 billion figure is tied to potential extensions through 2048.