Riot Platforms signed a 20-year agreement with Anthropic to lease 191 megawatts of capacity from its Rockdale, Texas campus, generating an estimated $9.1 billion in revenue over the base term, with two five-year extension options that could push total contract value to $16.1 billion. Riot shares surged 25% following the announcement, as investors now view the company as an AI infrastructure provider rather than a pure-play Bitcoin miner. Initial capacity is not expected to go live until late 2027, with full deployment targeted for mid-2028.
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