TLDR
- Riot Platforms shares jumped 25% in extended trading to $24.40 following the announcement of a $9.1 billion data center agreement
- Anthropic has been identified by Bloomberg as the “leading frontier AI lab” partner in the massive contract
- The partnership includes 191 megawatts of computing infrastructure at Riot’s Texas Rockdale facility, extending through June 2048
- Extension options spanning two five-year periods could elevate the total agreement value to $16.1 billion
- Riot’s Q2 revenue reached $174.2 million, representing a 14% year-over-year increase, though the company recorded a $237.2 million net loss
Shares of Riot Platforms fell 5.46% during Monday’s regular trading session before surging over 25% to $24.40 in after-hours activity, driven by news of a substantial data center leasing arrangement.
Initially, Riot announced the partnership without identifying its client, referring to them simply as a “leading frontier AI lab.” However, Bloomberg subsequently identified the customer as Anthropic, the artificial intelligence company responsible for developing Claude.
The partnership encompasses 191 megawatts of IT infrastructure capacity at Riot’s Rockdale facility located in Texas. With a duration extending to June 2048, the arrangement is projected to deliver $9.1 billion in revenue for Riot throughout the contract period.
Implementation will occur in stages. The initial 96 megawatts are scheduled for completion by December 2027, while the complete 191 megawatts are expected to become operational by June 2028.
The contract includes two optional five-year extensions, potentially elevating the aggregate value to $16.1 billion.
Riot obtained a $573 million interim financing arrangement from Morgan Stanley to cover preliminary development expenses while working to secure permanent long-term credit financing.
Riot’s Second Major AI Infrastructure Agreement in 2026
This represents Riot’s second significant AI infrastructure partnership this year. The company previously announced an agreement with AMD in January for 50 megawatts of capacity.
“Within slightly more than six months, Riot has successfully negotiated leases encompassing 241 megawatts of capacity, equating to roughly $9.8 billion in long-term contracted revenue with two of the AI ecosystem’s most significant players,” stated CEO Jason Les.
According to Les, Riot’s competitive advantage stems from its multi-gigawatt power capacity, proprietary data center knowledge, and capability to develop customized infrastructure for intensive computational requirements.
The agreement also underscores Anthropic’s strategy to secure computing resources. According to Bloomberg, the company has executed multiple substantial agreements recently, including a $10 billion partnership with Volta Infra Holdings and a May arrangement to acquire approximately $45 billion in computing power from xAI.
Q2 Financial Results: Revenue Growth Amid Expanding Losses
Riot simultaneously released its Q2 financial performance along with the partnership disclosure. Overall revenue totaled $174.2 million, marking a 14% gain compared to $153 million during the corresponding quarter last year.
Bitcoin mining operations generated $113.7 million in revenue. Engineering services increased to $37.3 million. Data center operations added $23.2 million, representing the initial 25 megawatt deployment to AMD.
Throughout the quarter, the company mined 1,587 bitcoin and concluded the period holding more than $1.2 billion in liquid assets, comprised of 11,380 bitcoin and $548.9 million in cash reserves.
The quarter’s net loss totaled $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 Q2 revenue surpassing analyst projections.
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