Anthropic Signs $9.1B Riot Deal, Bitcoin Miners Turn AI Landlords

Summary

• Riot Platforms signed a 20-year, $9.1 billion data center lease reportedly with Anthropic, per Bloomberg.
• Riot will supply 191 megawatts of power and data center capacity at its Rockdale, Texas site.
• Riot stock jumped more than 25% after the deal became public.
• The agreement follows a similar $19 billion lease Anthropic signed with TeraWulf in July.

Riot Platforms has signed a $9.1 billion, 20-year data center lease with an unnamed ‘leading frontier AI lab,’ running through June 2048 with options for two five-year extensions that could push the total value to $16.1 billion. Bloomberg identified the counterparty as Anthropic, citing people familiar with the matter; neither company has confirmed it publicly. Riot will dedicate 191 megawatts of power and data center capacity from its Rockdale, Texas campus to the AI company, with the full capacity expected online by June 2028. News of the deal sent Riot shares up more than 25% in after-hours trading, reaching $24.40.

Why a Bitcoin miner became Anthropic’s landlord

Bitcoin mining companies control two things the AI industry is desperate for: permitted land and grid-connected electrical capacity. Building a new data center from scratch can take years of permitting, transmission upgrades, and negotiations with utilities. Miners like Riot already cleared those hurdles years ago to run mining rigs, which gives them a shortcut that AI developers are willing to pay a premium for. Rather than continue directing that power toward Bitcoin hashing, Riot is renting the capacity to a tenant that offers steadier, higher-margin revenue.

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