Riot Platforms Stock Soars 24 Percent on Massive AI Deal

Riot Platforms saw its stock price surge 24 percent in after hours trading following news of a major 20 year agreement. Reports indicate the miner will provide 191 megawatts of computing power to the artificial intelligence firm Anthropic. While Riot previously confirmed a contract with a leading AI partner, it did not officially name the client. The deal is valued at approximately 9.1 billion dollars over the two decades.

This news arrived alongside the company's latest quarterly earnings, which showed 174 million dollars in revenue but a net loss of 237 million dollars. The company continues to hold over 11,000 BTC, though it has been selling significant portions of its holdings to fund its shift toward hosting high performance computing infrastructure. The stock jump reflects a growing investor appetite for miners that diversify their revenue streams beyond just securing the Bitcoin network.

Riot is not the only company making this pivot. The broader mining sector has seen a shift as firms move capital into AI hosting contracts to escape the rising cost of minting new Bitcoin. With production costs per coin often exceeding market prices, companies like MARA and Core Scientific are following similar paths. Traders will be watching to see how much of their remaining Bitcoin reserves miners choose to liquidate as they transition further into the AI infrastructure space.