JPMorgan Chase has raised its price target on Riot Platforms (Nasdaq: RIOT), a Bitcoin miner increasingly moving into AI infrastructure, to $22 from $20, while keeping its Overweight rating.
JPMorgan Chase has raised its price target on Riot Platforms (Nasdaq: RIOT), a Bitcoin miner increasingly moving into AI infrastructure, to $22 from $20, while keeping its Overweight rating.
The bank said in an Aug. 17 research note that Riot is "building momentum," pointing to a recently signed lease with AI company, Anthropic, at what it called "attractive economics."
JPMorgan added that Riot's separate lease with chipmaker Advanced Micro Devices (AMD) remains on track. Riot shares climbed following the note
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JPMorgan isn't alone in turning more positive. On Aug. 13, Morgan Stanleyraised its own Riot target sharply, to $43 from $36, also keeping an Overweight rating.
That figure sits more than 100% above where the stock recently traded, though price targets reflect analyst estimates rather than guaranteed outcomes.
The optimism traces back to Aug. 11, when Riot announced a $9 billion, 20-year compute agreement with Anthropic, confirmed by CNBC's David Faber.
The deal leases 191 megawatts at Riot's Rockdale, Texas campus, giving Anthropic access to scarce, grid-connected power as demand for AI computing surges. It effectively repositions Riot from a bitcoin miner into an AI infrastructure landlord.
The agreement is expected to generate $9.1 billion in revenue over 20 years, rising to roughly $16.1 billion if extended by two additional five-year terms. Combined with the AMD lease, Compass Point analyst Michael Donovan noted Riot now runs a two-tenant campus carrying $9.8 billion in contracted data center revenue.
Bitcoin mining stocks were once seen mainly as a leveraged bet on Bitcoin's price.
But as AI demand grows and crypto prices stay under pressure, investors increasingly value miners like Riot for their power capacity, data centers, and energy contracts, treating them as owners of digital infrastructure rather than simply producers of Bitcoin.
