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Riot Platforms$RIOT · filed: grew revenue 71.9% in FY2025 to $647MOld boatTrillion Score 510Fall Risk HighNext year $757M–$1.3B sealedCheck ▾Close ▴
What Riot Platforms filed
Grew revenue 71.9% in FY2025 to $647 million, operating margin -96.1% against a -6.4% median for finance services, equity 72.6% of assets. Every figure links to the filing it came from on Riot Platforms’s card. Old boat: three warning signs. Trillion Score 510, #18 of 39 in its field; Fall Risk High (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $757M and $1.3B, an 80% range sealed on 26 Sept 2026 · receipt #c4f4be · graded in public by the revenue in Riot Platforms’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Riot's **$9.1B** Anthropic deal revalues stranded mining infrastructure as AI compute; watch for OpenAI counter-move within 30 days.
$9.1 billion
multi-year compute supply agreement with Anthropic
17%
after-hours on volume four times the daily average
200 megawatts
of dedicated compute capacity across Riot's Texas facilities
99.5%
according to a source familiar with the terms
Riot Platforms secured a $9.1 billion multi-year compute supply agreement with Anthropic, converting stranded Bitcoin mining infrastructure into dedicated AI data center capacity. The equity moved 17% after-hours on volume four times the daily average. The contract represents the largest single infrastructure commitment announced by an Anthropic competitor to OpenAI this cycle.
Riot will redirect power and cooling infrastructure originally configured for ASIC mining rigs toward GPU clusters optimized for large language model inference. Anthropic gains access to 200 megawatts of dedicated compute capacity across Riot's Texas facilities, with delivery beginning Q3 2025. The contract includes take-or-pay provisions tied to uptime guarantees north of 99.5%, according to a source familiar with the terms. Riot's existing power purchase agreements with ERCOT give it baseload electricity at roughly $0.03 per kilowatt-hour, well below the $0.07 spot rate most hyperscalers pay for interruptible industrial load.
The deal validates a thesis that has circulated quietly among infrastructure allocators since mid-2024: Bitcoin miners control the exact asset bundle AI labs need most—permitted land, energized substations, and existing interconnection agreements with grid operators. Anthropic avoided an 18-to-24-month permitting cycle and the political exposure of siting new data centers in jurisdictions increasingly hostile to power-intensive compute. Riot avoided the margin compression facing pure-play miners as Bitcoin's hashrate difficulty climbed 340% since the April 2024 halving. The contract effectively converts a subscale mining operation into a captive infrastructure provider with contracted revenue visibility through 2030.
The revaluation pressure extends beyond Riot. Applied Digital, IREN, and TeraWulf all moved 8% to 12% in sympathy trading after-hours, suggesting the market now prices a 30% to 40% probability that each secures similar contracts within six months. The calculus shifts for any miner operating facilities above 50 megawatts with power costs below $0.04 per kilowatt-hour. Huang Goodman's infrastructure desk has fielded three inbound calls from miners exploring sale-leaseback structures since the Riot announcement, all seeking to monetize real estate and power agreements without triggering taxable asset sales.
Operators should track two follow-on events. First, whether Anthropic's primary competitor, OpenAI, announces a counter-positioning move within 30 days—likely a similar deal with a miner holding cheaper power or closer proximity to fiber backhaul. Second, whether Riot's equity sustains the after-hours move through the first earnings call post-deal, expected late April. If the stock holds above $18, the implied valuation floor for stranded mining infrastructure just reset 60% higher. That creates acquisition urgency for any hyperscaler or AI lab still negotiating greenfield data center leases at enterprise SaaS margins.
The Anthropic contract is not a sentiment trade. It is a $9.1 billion proof point that the marginal AI infrastructure build has already left traditional data center REITs and moved to anyone who controls electrons and cooling at the right price.
Branded by POPS4 · proof in 60 seconds
For the principal
Direct exposure to mining-to-AI conversion plays carries execution risk; consider secondary positions in power agreements backing these contracts instead.
For the operator
Track whether Riot sustains the move above $18 through April earnings; that level becomes the new valuation floor for sub-$0.04/kWh mining infrastructure.
For the house
Initiating coverage on IREN and TeraWulf for similar contract potential; rotating 40bps from CoreWeave exposure into Applied Digital ahead of expected announcements.
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