TLDR
- Riot Platforms shares jumped 25% in extended trading, reaching $24.40, following announcement of a $9.1 billion data center partnership
- Anthropic, maker of Claude AI, was identified by Bloomberg as the “leading frontier AI lab” customer in the agreement
- The partnership provides 191 megawatts of computing power at Riot’s Texas Rockdale facility, with a term extending to June 2048
- Contract includes two five-year renewal options that could increase total value to $16.1 billion
- Second quarter revenue reached $174.2 million, representing 14% year-over-year growth, though the company recorded a $237.2 million net loss
Shares of Riot Platforms experienced a dramatic reversal Monday, initially closing down 5.46% during regular trading before soaring more than 25% to $24.40 in after-hours activity following announcement of a substantial data center leasing arrangement.
While Riot’s initial announcement omitted the customer’s identity, referring to them merely as a “leading frontier AI lab,” Bloomberg subsequently identified the partner as Anthropic, developer of the Claude AI assistant.
The partnership encompasses 191 megawatts of IT capacity at Riot’s Rockdale, Texas facility. With a term extending through June 2048, the arrangement is projected to deliver $9.1 billion in revenue to Riot throughout the contract duration.
Implementation will occur in stages. Initial delivery of 96 megawatts is scheduled for December 2027, with complete 191-megawatt capacity expected to be operational by June 2028.
The contract features two optional five-year extensions, potentially elevating total contract value to $16.1 billion.
To support initial development expenses, Riot arranged a $573 million interim financing agreement with Morgan Stanley as it works toward securing permanent long-term credit facilities.
Riot’s Second Major AI Infrastructure Partnership in 2026
This marks Riot’s second significant AI infrastructure partnership this year. In January, the company announced an agreement with AMD encompassing 50 megawatts of capacity.
“Within just over half a year, Riot has secured leases totaling 241 megawatts of capacity, representing roughly $9.8 billion in long-term, guaranteed revenue with two of the AI ecosystem’s most significant players,” stated CEO Jason Les.
Les emphasized that Riot’s competitive advantage stems from its multi-gigawatt power capacity, internal data center development capabilities, and flexibility to construct specialized infrastructure for intensive computing requirements.
The agreement also underscores Anthropic’s strategic efforts to secure computing resources. According to Bloomberg, the AI company has executed multiple substantial agreements recently, including a $10 billion partnership with Volta Infra Holdings and a May agreement to acquire approximately $45 billion in computing capacity from xAI.
Second Quarter Results: Revenue Growth Amid Expanded Losses
Concurrent with the partnership announcement, Riot released its second quarter financial results. Total revenue reached $174.2 million, marking a 14% increase compared to $153 million in the year-ago quarter.
Bitcoin mining operations generated $113.7 million in revenue. Engineering services climbed to $37.3 million. Data center operations contributed $23.2 million, representing initial 25-megawatt capacity delivery to AMD.
During the quarter, the company mined 1,587 bitcoin and maintained liquid assets exceeding $1.2 billion, comprising 11,380 bitcoin and $548.9 million in cash reserves.
The company posted a net loss of $237.2 million, equivalent to $0.68 per diluted share. This contrasts with net income of $219.5 million, or $0.58 per share, recorded in Q2 2025.
According to Riot, the Anthropic data center partnership contributed to second quarter revenue exceeding analyst projections.
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