Riot Platforms has signed a $9.1 billion, 20-year deal to supply Anthropic with AI compute capacity from its Rockdale, Texas campus, deepening its shift away from Bitcoin mining. The agreement follows an earlier lease with AMD and comes as Bitcoin has dropped nearly 28% this year, squeezing miners valued on their coin holdings.
Riot Platforms has signed a $9.1 billion, 20-year deal with Anthropic to supply AI compute capacity from its Rockdale, Texas facility. The contract covers 191 megawatts of compute capacity. It also carries two five-year extension options that could add an additional $7 billion of revenue if Anthropic exercises them.
The deal's scale versus Riot's current business
The company generated about $23 million from its data center division in the second quarter. That compares with roughly $174 million in total quarterly revenue. Spread evenly, the Anthropic contract works out to about $450 million a year. It follows an earlier agreement in which Riot agreed to lease 25 megawatts of compute capacity to Advanced Micro Devices, with room to expand to 200 MW. According to Crypto Briefing, the AMD and Anthropic contracts together bring Riot's contracted data-center revenue at Rockdale to approximately $9.8 billion.
Bitcoin's slump is pushing miners toward AI
The pivot comes as Bitcoin has plummeted nearly 28% this year, a crypto winter that has hit miners valued on their coin holdings especially hard. Mining facilities have an advantage in retrofitting for AI: they already sit on secured land with grid connections and are operational, sidestepping the public pushback new data centers face. Still, the conversion isn't simple. Miners need new GPU hardware from suppliers like Nvidia, different cooling systems, new personnel, and often new permits to manage AI-scale power loads.
How the market is pricing compute capacity
Many investors value neocloud stocks by their total contracted compute capacity rather than crypto holdings. Riot trades at a $7.1 billion market cap. It also holds 1.7 gigawatts of fully approved compute capacity. By comparison, Nebius carries a roughly $75.5 billion market cap. It plans 800 MW to 1 GW online by year-end. Nebius also targets 5 GW contracted by year-end, with a further gigawatt planned annually starting in 2027. The gap illustrates why contracted power and capacity actually brought online now sit at the center of how Bitcoin miners turned neoclouds get valued.
Sources: Motley Fool, Crypto Briefing
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