AI startup Anthropic is aggressively expanding its computing power footprint. According to a Bloomberg report on Tuesday, sources say the company has signed a $9.1 billion cloud computing long-term contract with Bitcoin miner Riot Platforms, spanning a 20-year term. This is one of several massive computing power procurement agreements Anthropic has recently inked, highlighting the persistent pressure AI firms face on the supply side. Following the news, Riot's shares surged 25% in after-hours trading to $24.40.
The contract covers 191 megawatts of computing power, enough to simultaneously power about 143,000 homes, sourced from Riot's data center campus in Rockdale, Texas. If both parties exercise two five-year extension options, the total contract value could reach up to $16.1 billion, extending the agreement through June 2048.
Anthropic has been rapidly building its computing capacity, signing several massive long-term deals in recent months. Computing power shortages have become a core bottleneck for Anthropic's business expansion. The company has recently struck major agreements with multiple computing providers to meet rising customer demand for its Claude series AI tools.
Just before the Riot deal, Anthropic finalized a $10 billion cloud computing agreement with infrastructure startup Volta Infra Holdings, which was founded only months ago. In May, Anthropic also reached a deal with Elon Musk's xAI, committing to purchase nearly $45 billion in computing resources. Together, these three agreements total over $60 billion, showcasing Anthropic's aggressive stance in computing procurement.
Riot Platforms' shift from cryptocurrency mining to AI cloud computing represents a major strategic pivot. The company, originally named Bioptix and focused on diagnostic equipment for the biotech industry, later transformed into a Bitcoin miner, and is now pivoting again to AI data centers. Riot has previously announced a separate partnership with Advanced Micro Devices to build computing infrastructure together. In its fiscal second-quarter 2026 earnings report released Monday, Riot posted quarterly total revenue above market expectations, with its data center business contributing significantly.
Riot is not alone in this trend. Several cryptocurrency firms are leveraging their existing strengths in power infrastructure and large-scale data center operations to enter the AI computing market, aiming to capitalize on the current AI infrastructure boom.
The contract structure holds substantial financial significance for Riot. The $9.1 billion base contract revenue, along with potential increments from the two extension options, greatly enhances Riot's long-term revenue visibility and provides a basis for market revaluation. Riot declined to comment on the deal, and Anthropic did not respond to requests for comment. However, the sharp after-hours stock reaction signals market approval of this transformation. For investors, this agreement indicates that Riot's revenue structure is shifting from mining operations heavily dependent on Bitcoin price fluctuations to long-term service contracts with stable cash flows.
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