Riot Platforms has signed a 20-year deal with Anthropic worth an estimated $9.1 billion, supplying 191 megawatts of data-center capacity at its Rockdale, Texas site. The agreement could grow to $16.1 billion if two five-year extensions are exercised, and it follows an earlier data-center contract with AMD. The deal pushes investors to value Riot on its power infrastructure rather than its Bitcoin output.
Riot Platforms has signed a deal with Anthropic, the company behind Claude, to supply 191 megawatts of data-center capacity at its Rockdale, Texas, site, in an agreement estimated at $9.1 billion over 20 years, Barron's reported. But Riot is not getting that sum up front. Bloomberg noted the $9.1 billion figure is estimated revenue spread across the full 20 years. The deal's overall worth may reach approximately $16.1 billion if Anthropic exercises two possible five-year extensions.
The company entered the announcement with a market value of about $7.3 billion, according to Business Insider, meaning the headline value of the Anthropic deal exceeds its pre-deal equity. Shares rose after the announcement as investors reassessed the value of Riot's infrastructure.
AMD gave Riot its first proof of concept
Anthropic is not Riot's first AI infrastructure customer. Riot had already signed a data-center contract with AMD for 25 megawatts of capacity at Rockdale, Barron's confirmed. AMD later exercised an option for another 25 megawatts, doubling its footprint to 50 megawatts.
Riot had also reported $33.2 million in data-center revenue in the first quarter. After delivering capacity for AMD, the chipmaker helped connect Riot with Anthropic, Barron's says.
Power infrastructure now drives the market capitalization
Riot's Rockdale campus has about 700 megawatts of developed capacity spread across roughly 200 acres, while its Corsicana, Texas, site has access to about a gigawatt of power. Riot says its total portfolio holds almost 2 gigawatts of fully certified power. That power base, built to run Bitcoin mining rigs, is now what AI companies are competing for.
Riot produced $647.4 million in revenue in 2025, and the initial Anthropic contract is about 14 times that figure on a headline basis, though the company will recognize the money slowly over several years. That does not make Riot a $16 billion-revenue company overnight. It does mean investors may have to stop viewing the company mainly through the lens of Bitcoin mining.
Execution risk remains significant. Riot still has to fund and build out the infrastructure to meet Anthropic's uptime and reliability standards, control construction costs, and generate acceptable returns on the capital it deploys. The Anthropic deal only proves the power portfolio can support something larger than Bitcoin mining — it does not guarantee Riot will execute on it.
Source: TheStreet
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