Riot Platforms Anthropic partnership sparks $9.1B deal, stock jumps 25%
Riot Platforms just turned a rough trading day into a blockbuster one. Shares of the Nasdaq-listed bitcoin miner had slipped 5.46% during Monday’s regular session, only to reverse hard after the closing bell, jumping more than 25% to $24.40 in after-hours trading. The catalyst was the disclosure of a massive data center leasing agreement, and the news sent a clear signal about where the Riot Platforms Anthropic partnership could take the company’s next two decades of revenue.
Key takeaways
- Riot Platforms shares surged over 25% after-hours to $24.40 following the announcement of a data center leasing deal later confirmed by Bloomberg as involving Anthropic.
- The agreement covers 191 megawatts of IT capacity at Riot’s Rockdale facility in Texas, running through June 2048.
- Projected contract revenue stands at $9.1 billion, with two optional five-year extensions that could push the total to $16.1 billion.
- Riot secured $573 million in interim financing from Morgan Stanley while pursuing a permanent, investment-grade credit facility.
- Q2 revenue rose 14% to $174.2 million, though the company posted a net loss of $237.2 million, a reversal from the $219.5 million profit booked a year earlier.
Riot Platforms Announces Major Data Center Lease Deal with Anthropic
Riot’s initial announcement didn’t name a client, describing the counterparty only as a “leading frontier AI lab.” That vagueness didn’t last long. Bloomberg reported that the mystery customer is Anthropic, the AI company behind the Claude family of models, and the confirmation gave investors the missing piece they needed to price in the deal’s full significance.
… Continue reading the full article at the original source below.
