Bitcoin miner Riot Platforms (Nasdaq: RIOT) disclosed a 20-year data center lease agreement with a “leading frontier AI lab”, reportedly Anthropic, the firm behind Claude, expected to generate $9.1 billion in total contract revenue.
The agreement covers 191 megawatts of IT hosting capacity at Riot’s Rockdale facility in Texas, with phased delivery scheduled between December 2027 and June 2028. Two optional five-year extensions could elevate total potential contract value to $16.1 billion. To support early infrastructure construction, Riot secured a $573 million interim financing facility from Morgan Stanley while working toward an investment-grade credit backstop.
Although Riot’s official press release left the counterparty unnamed, Bloomberg reported that the tenant is AI firm Anthropic. The deal represents Riot’s second major AI infrastructure pivot this year, following a 50-megawatt hosting contract with Advanced Micro Devices (AMD) signed in January. Combined, the two leases account for 241 megawatts of capacity and nearly $9.8 billion in long-term contracted revenue.
Following the news, Riot shares surged 25.26% in after-hours trading to $24.30, rebounding from a 5.46% decline during regular market hours.
The announcement coincided with Riot’s second-quarter financial results. The firm reported total revenue of $174.2 million, up 14% year-over-year, including $113.7 million from Bitcoin mining (1,587 BTC produced) and $23.2 million from data center hosting. However, net results swung to a $237.2 million net loss ($0.68 per share), compared to a $219.5 million net profit in Q2 2025. Riot ended the quarter holding over $1.2 billion in liquid assets, including 11,380 BTC and $548.9 million in cash.
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