Anthropic Signs $9.1 Billion Compute Deal With Bitcoin Miner Riot Platforms, Stock Jumps 25%

Anthropic has signed a 20-year cloud-computing agreement worth $9.1 billion with Riot Platforms, the Bitcoin mining company that has pivoted into renting out data center capacity to AI firms, according to Bloomberg.

Riot disclosed the arrangement in a regulatory filing on Monday, August 10, saying it had agreed to supply 191 megawatts of computing power, enough to power roughly 143,000 homes at any given time, from its Rockdale, Texas campus to what it described only as a "leading frontier AI" company. Bloomberg's sources identified that company as Anthropic. Riot declined to comment and Anthropic did not respond to a request for comment.

The deal runs through June 2048. Riot said it expects the contract to generate $9.1 billion in revenue, with two five-year extension options that could push total sales as high as $16.1 billion.

Riot's stock jumped 25% to $24.40 in after-hours trading on the news.

A pattern, not a one-off

This is Anthropic's third major infrastructure purchase disclosed in recent months. The company signed a $10 billion deal with infrastructure startup Volta Infra Holdings, and in May agreed to buy roughly $45 billion in computing resources from Elon Musk's xAI. Riot itself has a separate arrangement with Advanced Micro Devices to build out computing infrastructure.

Riot's business history reflects how fast the crypto-to-AI pivot has moved. The company originally made biotech diagnostic equipment under the name Bioptix before shifting entirely into Bitcoin mining. Now it's one of several crypto miners repurposing power-hungry mining operations into AI data centers, chasing the same electricity infrastructure that made them Bitcoin miners in the first place.

That pivot paid off in Riot's most recent quarter. The company beat sales expectations in the second quarter, in part because of its data center business.

Why Anthropic needs this much power

Anthropic has been racing to lock down computing capacity because customer demand for its Claude models has outpaced what it can currently supply. That scramble comes as the company's valuation has exploded. Anthropic raised $65 billion in a Series H round in May 2026 at a $965 billion post-money valuation, following a $30 billion Series G round in February at $380 billion. The company said its run-rate revenue crossed $47 billion earlier in May.

Anthropic confidentially submitted a draft S-1 registration statement to the SEC on June 1, the first formal step toward a potential public listing. A confidential draft filing does not mean shares are available for trading. Anthropic has said the number of shares and proposed price have not been determined and that any offering depends on market conditions. TradingView's IPO calendar lists a planned offer date of October 23, 2026, though that date is not confirmed by Anthropic itself.

Michael Earlywine, an assistant teaching professor at the University of Rhode Island's College of Business, said the scale of a prospective Anthropic listing, alongside SpaceX's $85 billion IPO on June 12, would be historic. "I think you must look at the scale of this IPO relative to previous IPOs. It's over 100 times bigger than the closest IPO in June and 40 times larger than the one coming in third place," Earlywine said. He also cautioned that a high private valuation does not automatically translate into an equivalent public market capitalization once underwriters and investors weigh actual revenue, expenses, and risk disclosures.

The math problem nobody's answered yet

Add up Anthropic's disclosed compute commitments and the numbers get staggering: $45 billion to xAI, $10 billion to Volta Infra, up to $16.1 billion to Riot over the life of the contract. That's tens of billions in infrastructure spending committed by a company that only recently crossed $47 billion in run-rate revenue.

None of this proves Anthropic is overextended. Enterprise AI demand is real and growing, and locking in 20-year power contracts is a rational hedge against a compute shortage that has throttled AI companies industry-wide. But it does mean that when Anthropic's S-1 eventually becomes public, the relationship between revenue growth and infrastructure debt will be the first thing serious investors scrutinize, not the headline valuation.

The SEC has not announced any review issues with Anthropic's draft filing, and no timeline beyond the unconfirmed October estimate has been made official by the company itself. Whether Anthropic's revenue trajectory can justify a near-trillion-dollar valuation once it faces the same quarterly disclosure requirements SpaceX now does remains the open question heading into any public listing.