Bernstein analysts estimate that AI colocation now accounts for 84% of Riot Platforms' target enterprise value, with Bitcoin mining reduced to just 11%, according to a note published Monday. The reassessment follows Riot's disclosure of a 20-year, $9.1 billion data center lease with a leading frontier AI lab at its Rockdale, Texas campus — a deal Bloomberg identified as being with Anthropic, the maker of the Claude models.
Riot announced the agreement alongside its second-quarter results on August 10. The contract covers 191 megawatts of critical IT capacity, with the first 96 MW targeted for December 2027 and full deployment by June 2028. Two five-year extension options could lift the total potential contract value to $16.1 billion. Combined with an existing AMD lease, Riot now has 241 MW of contracted capacity representing approximately $9.8 billion in long-term revenue.
The stock surged more than 25% in after-hours trading on Monday, reaching $24.40, as investors repriced the company from a volatile Bitcoin miner to an infrastructure landlord with contracted dollar revenue. Bitcoin traded at $64,004 on the day, down 1.4%, while mining margins remained under pressure.