Key Takeaways
- After-hours trading saw Riot Platforms jump 25% to $24.40 following announcement of a $9.1 billion data center agreement
- Bloomberg identified Anthropic as the mystery “leading frontier AI lab” partner in the massive deal
- The agreement provides 191 megawatts of computing infrastructure at Riot’s Texas Rockdale facility, extending to June 2048
- Contract includes two additional five-year extension clauses that could increase total value to $16.1 billion
- Second quarter revenue reached $174.2 million, climbing 14% annually, though the company recorded a $237.2 million net loss
Shares of Riot Platforms experienced a dramatic turnaround Monday, dropping 5.46% during regular trading hours before soaring over 25% to $24.40 in extended trading following disclosure of a landmark data center lease arrangement.
Initially, Riot kept its partner’s identity confidential, referring to them merely as a “leading frontier AI lab.” However, Bloomberg subsequently identified the client as Anthropic, the artificial intelligence firm responsible for developing Claude.
The arrangement encompasses 191 megawatts of information technology capacity at Riot’s Texas-based Rockdale facility. With a timeline extending through June 2048, the partnership is projected to deliver $9.1 billion in revenue for Riot throughout the contract duration.
Anthropic Strikes $9.1 Billion Compute Deal With Bitcoin Miner Riot
Anthropic has struck a 20-year, $9.1 billion data-center deal with Riot Platforms to secure 191 MW of computing capacity at Riotās Rockdale campus in Texas, as the Claude maker races to lock in infrastructureā¦ pic.twitter.com/Ou719CgJCw
ā Wu Blockchain (@WuBlockchain) August 11, 2026
Infrastructure deployment will occur in stages. Initial delivery of 96 megawatts is scheduled for December 2027, with complete 191-megawatt capacity expected by June 2028.
The contract features two optional five-year extensions that would elevate the agreement’s maximum value to $16.1 billion.
Riot arranged a $573 million interim financing package through Morgan Stanley to cover upfront development expenses while arranging permanent long-term financing.
Riot’s Second Significant AI Infrastructure Agreement This Year
This marks Riot’s second substantial artificial intelligence infrastructure partnership in 2026. The company previously announced an arrangement with AMD in January involving 50 megawatts of capacity.
“Within approximately six months, Riot has secured lease agreements totaling 241 megawatts of capacity, equating to roughly $9.8 billion in long-term contracted revenue with two pivotal players in the artificial intelligence landscape,” stated CEO Jason Les.
According to Les, Riot’s competitive advantage stems from its multi-gigawatt power capacity, proprietary data center capabilities, and flexibility in constructing specialized infrastructure for intensive computing requirements.
The partnership underscores Anthropic’s aggressive strategy to secure computing resources. Bloomberg indicated the AI company has finalized multiple substantial agreements recently, including a $10 billion arrangement with Volta Infra Holdings and a May transaction to acquire approximately $45 billion in computing power from xAI.
Second Quarter Performance: Growing Revenue Amid Expanding Losses
Concurrent with the deal disclosure, Riot released its second quarter financial results. Overall revenue totaled $174.2 million, representing a 14% improvement compared to $153 million during the corresponding period in 2025.
Bitcoin mining operations generated $113.7 million in revenue. Engineering services increased to $37.3 million. Data center operations contributed $23.2 million, reflecting initial 25-megawatt capacity delivery to AMD.
During the quarter, the company mined 1,587 bitcoin and maintained liquid assets exceeding $1.2 billion, comprising 11,380 bitcoin and $548.9 million in cash reserves.
The quarterly net loss reached $237.2 million, translating to $0.68 per diluted share. This contrasts with net income of $219.5 million, or $0.58 per share, reported in Q2 2025.
According to Riot, the Anthropic data center partnership contributed to second quarter revenue exceeding analyst projections.
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