Anthropic has signed a $9.1 billion computing agreement with Riot Platforms, a big step in the Bitcoin miner’s transformation into an AI data center operator.
The sheer scale of the agreement demonstrates a huge challenge facing top AI developers: securing enough computing infrastructure and electricity to support exceptionally compute-intensive models and growing customer demand.
Under the 20-year agreement, Riot will provide 191 megawatts (MW) of computing capacity at its Rockdale, Texas, campus. The contract runs through June 2048 and includes two optional five-year extensions, which could increase Riot’s total revenue from the agreement to $16.1 billion.
Riot expects to bring the Anthropic capacity online in stages, with 96MW scheduled for December 2027 and the full 191MW deployment planned for June 2028. A $573 million interim financing facility from Morgan Stanley will support initial construction while Riot works to finalize a longer-term credit backstop.
For Anthropic, the agreement adds another major source of computing capacity, as it builds on its $50 billion infrastructure plan unveiled late last year. The company has been pursuing large infrastructure like its recent effort with Nexus Data Centers as it works to support robust demand for its AI services.
Reshaping the Data Center Sector
The deal demonstrates how AI is reshaping the data center sector. Building and operating frontier AI models requires vast quantities of processing capacity, which in turn requires access to large sources of electricity. This has created an opportunity for cryptocurrency miners whose facilities were constructed to support energy-intensive Bitcoin mining.
Riot is a prime example of this shift. The company, which once operated in the biotech sector under the name Bioptix, subsequently reinvented itself as a Bitcoin miner. It formally expanded into high-performance computing and data center leasing in early 2026.
AMD became an important early tenant at Riot’s Rockdale facility. Riot completed an initial 25MW deployment for AMD in May, delivering the project on time and on budget. Combined with the new agreement, Riot says it has signed leases representing 241MW of capacity and approximately $9.8 billion in contracted long-term revenue in roughly six months.
This transition remains a work in progress financially. Riot reported $174.2 million in total quarterly revenue, with Bitcoin mining contributing $113.7 million. Its data center business generated $23.2 million, including $4.9 million from operating leases.
The Anthropic contract could significantly change the balance of Riot’s business over time. Rather than depending primarily on cryptocurrency mining, Riot can monetize its power infrastructure through lengthy contracts with AI developers whose demand for computing resources keeps growing.
Riot’s challenge now is execution. The company must build nearly 200MW of new capacity on schedule while completing a transition into a business very different from cryptocurrency mining.
