Anthropic and Riot Reach $9.1 Billion AI Computing Power Agreement

Anthropic has entered into a $9.1 billion AI data center computing power agreement with Bitcoin mining company Riot Platforms, aimed at meeting the computing power needs of Claude users. Riot will provide Anthropic with 191 MW of computing power at its Rockdale facility in Texas, with a contract duration of 20 years and expected revenue of $9.1 billion. The contract can be extended twice for five years each, potentially bringing total revenue to $16.1 billion if fully executed. Following the announcement, Riot's stock price rose 25% in after-hours trading to $24.40. Recently, Anthropic has signed several large computing power agreements, including a $10 billion contract with Volta Infra Holdings and a procurement of nearly $45 billion in computing power from Elon Musk's xAI. Riot is shifting from Bitcoin mining to AI and cloud computing infrastructure, and has reached another computing power construction agreement with AMD, with its data center business contributing to revenue growth in the second quarter.

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