Anthropic has reached a $9.1 billion AI compute power agreement with Riot

August 11th - According to Bloomberg, sources revealed that Anthropic has reached a $9.1 billion AI data center hashrate agreement with Bitcoin mining firm Riot Platforms to meet Claude users' increasing hashrate demand.

Riot disclosed on Monday that the company will provide a 191MW hashrate to an AI developer at its Rockdale facility in Texas under a 20-year contract. Sources mentioned that the client is Anthropic. Riot stated that the contract will run until June 2048, expecting to generate $9.1 billion in revenue and includes two options to extend for 5 years each. If fully executed, the total contract revenue could reach up to $16.1 billion. After the news, Riot's stock price surged 25% to $24.40 in after-hours trading.

Anthropic has recently signed several large hashrate agreements. The company previously entered a $10 billion contract with infrastructure startup Volta Infra Holdings and in May agreed to purchase nearly $45 billion in hashrate from Musk's xAI to alleviate the hashrate pressure from customer demand growth.

Riot, previously focused on Bitcoin mining, is now, like many crypto mining firms, shifting towards AI and cloud computing infrastructure business. The company also announced a separate hashrate construction agreement with AMD, and its second-quarter data center business contributed to revenue growth.