Riot Platforms secures $9.1 billion AI compute deal with Anthropic

Riot Platforms has secured a 20-year data center agreement with Anthropic valued at approximately $9.1 billion. The contract focuses on providing AI computing power at the company’s Rockdale campus in Texas, utilizing 191 MW of capacity for training and operating AI workloads.

Following the announcement, JPMorgan raised its price target for Riot Platforms from $20 to $22, maintaining an Overweight rating and noting that the company is “building momentum” through this agreement. Morgan Stanley also increased its price target for the stock from $36 to $43.

The deal marks a strategic shift for the Bitcoin miner, as the company leverages its existing land and power grid connections to expand into the AI infrastructure sector. This transition highlights a growing trend where Bitcoin mining firms are being re-evaluated based on their ability to scale GPU and data center operations for artificial intelligence.