Anthropic and Riot Platforms Sign $9.1 Billion AI Computing Deal
Riot Platforms has entered into a 20-year lease agreement valued at $9.1 billion with Anthropic for computing resources at its Rockdale, Texas facility, extending through June 2048. This contract includes 191 megawatts of IT capacity, with possibilities for extension that could elevate the total worth to $16.1 billion. Riot plans to achieve 96 megawatts by December 2027 and finalize the construction by June 2028, supported by a $573 million financing arrangement from Morgan Stanley. According to Riot CEO Jason Les, these agreements boost the overall signed capacity to 241 megawatts and $9.8 billion in contracted revenue. For Q2 2023, Riot reported revenues of $174.2 million alongside a net loss of $237.2 million.
Key facts
- Anthropic and Riot Platforms signed a $9.1 billion deal for AI computing.
- The 20-year lease covers 191 megawatts at Riot's Rockdale, Texas campus.
- The deal extends through June 2048 with two five-year extension options.
- Riot plans to reach 96 megawatts by December 2027 and full buildout by June 2028.
- Riot arranged a $573 million interim financing facility through Morgan Stanley.
- Riot's total signed capacity is now 241 megawatts with $9.8 billion in contracted revenue.
- Riot's stock surged over 25% in after-hours trading after the announcement.
- Anthropic signed a $10 billion deal with Volta Infra Holdings and a $45 billion deal with xAI.
- Riot reported Q2 revenue of $174.2 million, up 14%, but a net loss of $237.2 million.
Entities
Institutions
- Anthropic
- Riot Platforms
- Morgan Stanley
- Advanced Micro Devices
- Volta Infra Holdings
- Nvidia
- xAI
- SpaceX
- Akamai Technologies
- Bloomberg
Locations
- Rockdale
- Texas
- United States
- Norway
Sources
- Quartz —