Riot Platforms has signed a $9.1 billion contract with Anthropic for data center leasing, marking a shift towards AI data services.
Riot Platforms has secured a substantial 20-year leasing agreement for data center resources with Anthropic, a recognized leader in advanced artificial intelligence, according to reports.
This arrangement includes a commitment to lease 191 megawatts (MW) at Riot's facility located in Rockdale, Texas, extending until June 2048. The deal is anticipated to bring in around $9.1 billion in revenue, with provisions for two optional five-year extensions, potentially boosting the overall deal value to $16.1 billion.
Initially, 96 MW is expected to be operational by December 2027, with full capacity projected by June 2028. The startup costs for this mining operation are estimated at about $573 million, partially financed by Morgan Stanley.
In connection with this announcement, Riot also disclosed its financial results for the second quarter, showing a 14% rise in revenue to $174.2 million across its three business segments:
- Data centers: $23.2 million
- Bitcoin mining: $113.7 million
- Engineering: $37.3 million
Despite the revenue increase, the company reported a net loss of $237.2 million, a stark contrast to a profit of $219.5 million during the same quarter last year.
During this period, Riot successfully mined 1,587 BTC and concluded the quarter with over $1.2 billion in liquid assets, consisting of 11,380 BTC and $548.9 million in cash.
CEO Jason Les highlighted that Riot has inked lease agreements totaling 241 MW in under seven months, translating to an approximate long-term revenue potential of $9.8 billion through contracts with leading AI firms.
On the stock market, Riot's shares dropped 5.4% on August 10, but rebounded the next day with an increase of over 23%, nearing a price of $24 per share.
This latest contract follows a January partnership with AMD. Starting in 2025, Riot plans to pivot from Bitcoin mining towards AI-focused data centers, joining a trend similar to that of other companies like Core Scientific and Hut 8.
Also noteworthy, Anthropic recently finalized a $10 billion agreement with Volta Infra Holdings.
