Riot Platforms, a prominent bitcoin miner, has entered into a $9 billion, 20-year compute leasing agreement with Anthropic, as confirmed by CNBC's David Faber [1]. The deal will provide Anthropic with access to 191 megawatts of power at Riot's Rockdale, Texas campus, addressing the surging demand for AI-related computing power and marking a significant transition for Riot from bitcoin mining to becoming an AI infrastructure provider [1]. Shares of Riot initially soared more than 20% following the announcement, though they later gave up almost the entire gain [1].
The agreement is projected to generate $9.1 billion in revenue over its 20-year term, with the potential to rise to approximately $16.1 billion if extended for two additional five-year periods [1]. This deal builds on Riot's existing partnership with Advanced Micro Devices, resulting in a two-tenant campus with $9.8 billion in contracted data center revenue, according to Compass Point analyst Michael Donovan [1].
The shift reflects a broader industry trend, as bitcoin miners are increasingly valued for their digital infrastructure assets rather than their bitcoin production, especially amid a prolonged slump in cryptocurrency prices and reduced mining incentives following the quadrennial Bitcoin halving [1]. Companies such as Cipher Mining, Hut 8, and Terawulf have already adopted hybrid models, while Riot, Mara Holdings, and CleanSpark have remained primarily focused on mining until now [1].
Analyst Michael Donovan noted that the scarcity of grid-connected power, especially as the Electric Reliability Council of Texas (ERCOT) increases scrutiny of new power projects, could further enhance the strategic value of Riot's assets. Donovan reiterated a Buy rating on Riot, emphasizing that tenant demand for large blocks of near-term power remains strong despite regulatory hurdles [1].
CONCLUSION
Riot Platforms' landmark deal with Anthropic signals a major pivot from bitcoin mining to AI infrastructure, positioning the company to capitalize on growing AI demand and scarce power resources. The agreement is expected to generate substantial long-term revenue and has drawn positive analyst commentary, despite initial volatility in Riot's share price. This move underscores the evolving valuation of bitcoin miners as digital infrastructure providers in a changing market landscape.