Riot Platforms Surges Up to 25% After Signing $9.1 Billion 20-Year Data Center Deal With Anthropic

Riot Platforms shares soared as much as 25% in premarket trading on August 11 after the company disclosed a landmark 20-year AI compute supply agreement worth $9.1 billion, with Anthropic subsequently identified as the counterparty. The deal grants Anthropic 191 megawatts of capacity from Riot's Rockdale, Texas campus, with deployment beginning in December 2027 and reaching full capacity by June 2028. The contract runs through 2048, and with extension options the total potential value rises to $16.1 billion.

The announcement came alongside Riot's Q2 2026 earnings report, which showed revenue of $153.27 million. By midmorning Tuesday the stock was trading up roughly 17%, at around $22.64. The deal signals a strategic pivot away from pure Bitcoin mining toward AI infrastructure hosting, diversifying Riot's revenue from volatile cryptocurrency markets.

Several Wall Street firms raised their price targets in response: Bernstein lifted its target to $35, while H.C. Wainwright, Piper Sandler, and Cantor Fitzgerald also increased their forecasts. Citizens and Compass Point reiterated their existing ratings.

AI infrastructure peers including IREN, Applied Digital, and TeraWulf also moved higher on the news. The agreement additionally sparked speculation about a potential Anthropic IPO, given the scale and public disclosure of the relationship.