Anthropic Signs $9.1B Deal With Riot as the AI Giant Prepares for September IPO

• Anthropic signed a 20-year, $9.1B deal with Riot Platforms for 191 MW of AI data center capacity
• Riot is expanding its AI infrastructure business as Bitcoin miners seek new ways to use their power capacity
• Anthropic is reportedly targeting a September or October IPO while meeting potential investors

Anthropic is making a major bet on the physical infrastructure behind the AI boom. The company has agreed to a long-term deal with Bitcoin miner Riot Platforms. It is securing a large block of computing capacity in Texas. The agreement comes at an interesting time for the Anthropic IPO, with the Claude maker now meeting potential investors ahead of a possible September or early October listing.

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Anthropic Locks In 191 MW for AI Data Center Capacity

The Anthropic-Riot deal covers 191 megawatts of computing capacity at Riot’s Rockdale campus in Texas. The 20-year agreement is expected to generate about $9.1 billion for Riot through June 2048. Two five-year extension options could push the potential value to roughly $16.1 billion.

For Anthropic, the deal is mostly about securing room to keep running and expanding its AI models. The company said in May that its revenue run rate had passed $47 billion. Meanwhile, its $65 billion Series H funding round valued it at $965 billion. Anthropic said the funding would help expand computing capacity as demand for Claude grows.

Riot’s Rockdale site already has 700 MW of developed capacity, according to the company. This makes it a sizeable piece of infrastructure for an AI data center strategy. Riot has been moving further into high-performance computing, along with its existing Bitcoin mining business. It previously signed a data center agreement with AMD at the same site.

Riot has been building out its data center business and says it now has 2 gigawatts of fully approved power across its portfolio. Its Rockdale and Corsicana campuses are being developed for high-density AI and high-performance computing workloads.

Amidst this, Riot Platforms stock jumped more than 25% in after-hours trading following news of the Anthropic deal. It reached $24.30 before easing slightly. The move came after the stock closed at $19.40 on August 10. This shows how strongly investors reacted to Riot securing a long-term AI customer.

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Anthropic IPO Moves Closer

The infrastructure spending also lands just as the Anthropic IPO enters a more serious phase. The Wall Street Journal reported that Anthropic is meeting potential investors ahead of a possible September or early October debut. The company is reportedly addressing concerns ranging from cheaper Chinese AI models to the cost and availability of data centers.

This makes the Riot agreement more than another cloud contract. It gives prospective investors a concrete example of where Anthropic is putting its enormous funding to work. It seems to be securing the computing capacity needed to keep Claude growing.

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