Riot Platforms, one of the largest publicly traded Bitcoin miners, signed a 20-year, $9.1 billion colocation deal with Anthropic to supply 191 megawatts of AI computing capacity at its Rockdale, Texas campus, running through June 2048. Two five-year extension options in the contract could push the total value to $16.1 billion.
Riot plans to bring the capacity online in stages, reaching 96 megawatts by December 2027 before completing the full 191-megawatt buildout by June 2028. To fund the project's early construction phase, the company arranged a $573 million interim financing facility through Morgan Stanley while it works toward a permanent credit backstop. Riot shares surged as much as 25% in after-hours trading on the news, and per Riot's investor relations disclosures, the deal builds on a data center lease the company signed with AMD in January 2026 for an initial 25 megawatts at the same Rockdale site.
A Bitcoin Miner Becoming a Data Center Operator
Combined, the AMD and Anthropic agreements give Riot 241 megawatts of contracted capacity and roughly $9.8 billion in expected long-term revenue, a scale that increasingly positions the company as a data center infrastructure provider that happens to have started in Bitcoin mining rather than the reverse. Several Wall Street firms, including Cantor Fitzgerald, Bernstein, Piper Sandler, Citi, and H.C. Wainwright, raised their price targets on Riot following the announcement.
The deal also fits into Anthropic's broader compute buildout: the company separately signed a $10 billion, six-year deal earlier this year with Volta Infra Holdings, an AI infrastructure startup backed by Nvidia, for capacity at a data center in Norway. Anthropic's pattern of large, multi-billion-dollar, multi-year infrastructure commitments points to a company racing to lock in compute capacity well ahead of near-term demand rather than buying it incrementally.
For Bitcoin miners more broadly, Riot's pivot adds to a trend of mining operators repurposing power infrastructure and site capacity for AI workloads, a shift that has increasingly blurred the line between crypto-mining companies and traditional data-center operators as AI compute demand outpaces the industry's ability to build new capacity from scratch.
