Anthropic PBC has struck a $9.1 billion deal with Bitcoin mining company Riot Platforms Inc., which has recently expanded into AI data center capacity, people familiar with the matter said.
The agreement highlights Anthropic’s efforts to secure sufficient computing infrastructure as demand for its Claude AI tools continues to grow.
Riot Platforms has agreed to supply 191 megawatts of computing capacity from its Rockdale, Texas, campus to a “leading frontier AI” company under a 20-year agreement. People familiar with the deal identified that company as Anthropic, asking not to be identified discussing private information.
Riot declined to comment, while Anthropic did not respond to a request for comment. Riot’s shares jumped 25% to $24.40 in late trading on news of the deal with Anthropic.
The Riot agreement adds to a series of major computing deals Anthropic has pursued in recent months as it works to meet demand for its AI products.
The AI developer recently signed a $10 billion deal with months-old infrastructure startup Volta Infra Holdings Ltd. It also agreed in May to buy nearly $45 billion worth of computing from Elon Musk’s xAI.
Riot Platforms said the agreement with the AI developer runs through June 2048 and is expected to generate $9.1 billion in revenue.
The contract also provides an option to extend the agreement twice, with each extension lasting five years. If both options are exercised, the deal could generate as much as $16.1 billion in total sales.
The deal also underscores the growing shift among cryptocurrency companies toward AI-related infrastructure as demand for computing capacity rises.
Riot Platforms was previously a maker of diagnostic machinery for the biotech industry under the name Bioptix before making a significant transition into Bitcoin mining. It is now among several crypto companies moving into cloud computing to take advantage of the AI boom.
The company has also announced a separate deal with Advanced Micro Devices Inc. to build computing.
Riot’s data center business contributed to its second-quarter sales, helping the company beat sales expectations for the period.
Anthropic’s agreement with Riot Platforms gives the AI developer access to 191 MW of computing capacity from the Rockdale, Texas, campus, while providing Riot with a long-term revenue opportunity extending through June 2048. The deal, valued at $9.1 billion and potentially reaching $16.1 billion with extensions, further demonstrates the increasing importance of data center capacity as AI companies seek to keep pace with customer demand.
