Riot Platforms has signed a cloud computing partnership with AI company Anthropic valued at $9.1 billion, with extension options that could push the total to $16.1 billion. The agreement marks a significant pivot for Riot, which built its infrastructure around Bitcoin mining. Shares jumped 25% in after-hours trading on the news.
A $9.1 billion contracted revenue pipeline transforms Riot's financial profile overnight, replacing the highly volatile income of Bitcoin mining with a long-term, fixed counterparty commitment. Investors in crypto-adjacent mining stocks should watch whether this triggers a broader re-rating of companies with surplus power and data center infrastructure. The deal also signals that AI firms are willing to pay a premium for existing large-scale compute capacity rather than wait for purpose-built facilities.
Riot Platforms next earnings report (date not yet confirmed, watch for Q2 2025 announcement). Any Anthropic funding round or valuation update, likely mid-2025.
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