Shares of Riot Platforms (NASDAQ: RIOT) rose after hours following news of a substantial long-term agreement for data center capacity tied to artificial intelligence workloads. Currently, Riot is up by over 15% in pre-market trading.
The Bitcoin mining firm, which has been expanding into high-performance computing and AI hosting, disclosed a multi-year lease that market reports later linked to Anthropic, the company behind the Claude AI models.
Riot Platforms revealed it had entered into a 20-year arrangement to provide 191 megawatts of IT capacity at its Rockdale campus in Texas. Company projections indicate the contract could deliver approximately $9.1 billion in total revenue across the initial term, which extends through June 2048.
The agreement also includes two optional five-year extensions that, if exercised, could lift the overall potential value to around $16.1 billion. Delivery of the capacity is planned in stages.
The first phase of 96 megawatts is targeted for December 2027, with the remaining portion bringing the total to the full 191 megawatts by June 2028. To support the development work, Riot secured a $573 million interim financing facility from Morgan Stanley while it works toward a longer-term investment-grade credit arrangement.
Although Riot’s public statement described the counterparty only as a “leading frontier AI lab,” subsequent reporting by Bloomberg, citing people familiar with the matter, identified the partner as Anthropic.
Neither company has issued a formal public confirmation of that specific identity in response to inquiries.
The arrangement forms part of Anthropic’s broader efforts to lock in substantial computing resources amid strong demand for its AI systems.
The firm has pursued multiple large-scale infrastructure commitments in recent periods to support growth.
Earlier in the year, Riot finalized a separate lease with Advanced Micro Devices covering an initial 25 megawatts at the same Rockdale site. Combined, the two agreements represent 241 megawatts of contracted capacity and roughly $9.8 billion in expected long-term revenue, according to company commentary.
Chief Executive Jason Les highlighted the progress, noting that within a relatively short span, Riot had moved from limited contracted data center revenue to substantial commitments with major players in the AI sector.
Riot has also referenced ongoing discussions and letters of intent related to additional capacity at other Texas locations, underscoring a broader strategic pivot. This illustrates the intensifying competition among AI developers to secure reliable, large-scale computing infrastructure.
Bitcoin miners with access to significant power capacity and land have increasingly found opportunities to repurpose or expand facilities for data center use.
As reported by Bloomberg, market participants will likely monitor execution on the phased delivery timeline, progress on permanent financing, and any further leasing activity as indicators of how successfully the company converts its power assets into durable AI-related revenue.
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