Riot Stock (RIOT) Soars 5% as Anthropic Strikes $9.1B Deal With Bitcoin Miner Riot

Riot Platforms stock climbed about 5% in early trading after the Bitcoin miner announced a 20-year data center lease worth about $9.1 billion.

The agreement covers 191 critical IT megawatts at Riot’s Rockdale campus in Texas. The tenant was not named by Riot, but the company was later identified as Anthropic in supplied reports.

Riot shares traded around $20.18, up about 4% during the session, after rising as much as 19% in premarket trading and closing at $19.40 in the previous session.

Riot Secures $9.1 Billion Rockdale Lease

The 20-year Rockdale lease is expected to generate about $9.1 billion in contract revenue through June 2048. Two additional five-year extensions could raise the total contract value to roughly $16.1 billion if both options are exercised.

Riot expects the first 96 IT MW to become operational in December 2027. The company plans to deploy the remaining 95 IT MW by June 2028 using the site's approved power connection.

The lease follows Riot’s earlier agreement with AMD for 50 IT MW at Rockdale. Together, the two contracts give Riot 241 IT MW of contracted capacity at the campus and about $9.8 billion in contracted revenue.

B. Riley Securities maintained a Buy rating and a $28 price target on Riot. The firm estimated that the Rockdale project could generate between $7.3 billion and $8.2 billion in cumulative net operating income over the initial lease term.

Source: TipRanks

Concurrently, Riot Platforms has a bullish 12-month outlook based on many analyst forecasts. With RIOT trading at $20.21, the average analyst price target stands at $35.08, representing about 73.56% potential upside.

The forecast places the low target at $25 and the high target at $42. Of the 13 analysts included, 12 rate the stock as a buy, while one has a hold rating and none have assigned a sell rating.

Riot Expands AI Data Center Pipeline

Riot is also advancing plans for its Corsicana campus in Texas, where the company has a non-binding letter of intent with a prospective tenant for the entire planned 756 MW of critical IT capacity.

The Corsicana site has 1 GW of approved utility power and a direct 345-kilovolt transmission connection. Riot has said that a fully deployed lease could generate more than $1 billion in annual rent, although no final lease has been signed.

Riot Chief Executive Officer Jason Les said the company remains in “advanced commercial and design discussions” with the prospective Corsicana tenant. The company expects converting the agreement into a signed lease to remain a priority during 2026.

The Rockdale project will also require substantial construction spending. B. Riley estimates costs of about $11 million to $12 million per IT MW, putting the 191 MW development at roughly $2.2 billion.

Riot Stock Gains as Data Center Revenue Grows

Riot reported $174.2 million in second-quarter revenue, up 14% from a year earlier. Data center revenue reached $23.2 million, while Bitcoin mining revenue declined to $113.7 million during the quarter.

The company reported a $237.2 million net loss, compared with non-cash charges that included a mark-to-market loss on its Bitcoin holdings and depreciation and amortization expenses.

Riot ended the quarter with more than $1.2 billion in liquidity, including $548.9 million in cash and about $666 million worth of Bitcoin. The company held 11,380 BTC at quarter-end.

Riot has also arranged a $573 million interim loan from Morgan Stanley to fund early Rockdale development costs and long-lead equipment purchases. The financing is secured by the tenant, while Riot works toward additional project financing.

KBW maintained an Outperform rating and a $35 price target, while Needham raised its target to $30 from $28.50 after the Rockdale lease announcement.

Riot’s shift toward data center leases gives the company a growing source of contracted revenue alongside its Bitcoin mining operations. The timing of the Rockdale buildout and any final agreement for Corsicana remain key developments for the company’s data center business.