AI unicorn Anthropic is expanding its computing power footprint at an unprecedented pace.
According to a Bloomberg report on Tuesday, sources familiar with the matter revealed that Anthropic has entered into a long-term cloud computing contract with bitcoin miner Riot Platforms worth $9.1 billion, spanning 20 years. This is one of multiple large-scale computing power procurement deals Anthropic has recently signed in succession, reflecting the sustained pressure AI companies face on the supply side of computing power. Following the news, Riot's stock price surged 25% in after-hours trading to $24.40.
The contract covers 191 megawatts of computing power supply, equivalent to providing electricity to approximately 143,000 households simultaneously. The computing power will be sourced from Riot's data center campus in Rockdale, Texas. If both parties exercise two separate five-year extension options in the contract, the total value could reach a maximum of $16.1 billion, extending the agreement until June 2048.
Anthropic Intensively Expands Computing Power, Signing Huge Long-term Deals in Recent Months
Computing power shortage has become a core bottleneck for Anthropic's business expansion. Anthropic has recently signed major agreements with several computing power suppliers in a row to meet the continuously rising customer demand for its Claude series of AI tools.
Just prior to this deal with Riot, Anthropic had signed a $10 billion cloud computing agreement with the infrastructure startup Volta Infra Holdings, which was founded just a few months ago. In May this year, Anthropic also reached a deal with Musk's xAI, committing to procure nearly $45 billion worth of computing resources. The combined scale of these three agreements exceeds $60 billion, demonstrating the aggressive stance of this Claude developer in computing power procurement.
Riot Pivots to AI Data Centers, Betting on Computing Power Demand Dividend
This collaboration with Anthropic marks a significant step in Riot Platforms' strategic pivot from cryptocurrency mining towards AI cloud computing. The company, once named Bioptix, initially manufactured diagnostic equipment in the biotech industry, then transformed significantly to focus on Bitcoin mining. It is now shifting direction again, expanding into the AI data center space.
Riot had previously announced a separate cooperation agreement with Advanced Micro Devices to jointly build computing power infrastructure. Riot's Q2 2026 earnings report disclosed earlier on Monday showed its quarterly total revenue exceeded market expectations, with the data center business being a significant contributor.
Riot is not an isolated case. Several cryptocurrency companies are leveraging their existing expertise in power infrastructure and large-scale data center operations to accelerate their entry into the AI computing power market, hoping to gain a share of the current AI infrastructure construction boom.
Long-term Contract Structure Locks in Revenue, Reshaping Riot's Valuation Logic
Judging by the contract structure, this agreement holds substantial significance for Riot's financial outlook. The base contract revenue of $9.1 billion, combined with the potential increments from the two extension options, significantly improves the visibility of Riot's long-term revenue and provides a basis for the market to re-evaluate its valuation.
Riot declined to comment on the partnership, and Anthropic did not respond to requests for comment either. However, the sharp reaction in the after-hours stock price indicates the market has given a positive nod to this pivot logic. For investors, this deal signifies that Riot's revenue structure is transitioning from a mining business highly dependent on Bitcoin price volatility towards long-term service contracts characterized by stable cash flows.
