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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 is the longest AI compute contract on record and proves energy access now rivals chip supply as the real infrastructure constraint.
$9.1 billion
compute supply agreement with Anthropic that runs through 2030
$2.8 billion
—from commodity Bitcoin mining into purpose-built AI datacenter operations
1.3 gigawatts
of GPU-optimized capacity across Riot's Texas facilities
$0.031 per kWh
and escalates
Riot Platforms closed a $9.1 billion compute supply agreement with Anthropic that runs through 2030, according to a source briefed on the transaction. The deal represents the largest known infrastructure commitment in the foundation model space and marks the formal exit of Riot—ticker RIOT, market cap $2.8 billion—from commodity Bitcoin mining into purpose-built AI datacenter operations.
Anthropoic secures 1.3 gigawatts of GPU-optimized capacity across Riot's Texas facilities, which the company began retrofitting in Q3 2024 after power costs made Bitcoin operations uneconomical. The contract includes tiered pricing that starts at $0.031 per kWh and escalates 1.8% annually, with Anthropic holding first-refusal rights on an additional 400 MW under construction in Rockdale. Riot disclosed the partnership structure allows it to sublease 22% of reserved capacity to other AI labs during off-peak training windows, a hedge against Anthropic's own funding or compute utilization risk.
The deal solves two problems simultaneously. Anthropic gets compute sovereignty—critical as it competes with OpenAI and Google on multimodal models—without the capital drag of owning datacenters. Riot monetizes stranded energy infrastructure that was burning cash at $47 million per quarter as of its last 10-Q. The timing matters because Anthropic is currently raising a Series D at a $40 billion post-money valuation, and this contract strengthens the underwriting by locking predictable deployment costs through the next model generation cycle. For Riot, the pivot is existential: Bitcoin mining contribution margin collapsed to 4.2% in November as hashrate difficulty spiked and BTC hovered near $95,000.
What separates this from earlier GPU-lease arrangements—CoreWeave's hyperscaler deals, Lambda's enterprise plays—is the exclusivity and tenor. Anthropic is not renting by the hour. It is buying a dedicated power envelope with contract terms that mirror sovereign cloud commitments, which makes the compute harder to reprice or interrupt even if foundation model economics shift. The structure also suggests Anthropic expects training runs to remain capex-intensive and geographically sticky. Models like Claude 4 will likely require continuous access to low-latency, high-bandwidth clusters rather than spot market capacity.
Operators should watch three follow-on events. First, whether Riot files an 8-K disclosing contract milestones, expected by January 24 given materiality thresholds. Second, Anthropic's rumored $8 billion Series D close, anticipated mid-February, which would clarify whether this compute deal was a funding precondition. Third, any disclosed sublease activity in Riot's Q1 2025 earnings in early May—evidence the 22% capacity hedge is generating incremental revenue or sitting dark. If other AI labs begin signing similar long-term infrastructure deals, it signals the compute bottleneck is shifting from chip supply to energy access and that the hyperscalers' advantage is narrowing.
The last Bitcoin miner to attempt this pivot was Core Scientific, which signed a 12-year, $3.5 billion CoreWeave hosting deal in 2023. That contract kept Core Scientific out of bankruptcy but left it as a landlord, not an operator. Riot is structured differently—it retains the customer relationship and the upside if Anthropic's valuation multiples compress and it needs to sublease capacity at spot rates that could reach $0.05 per kWh by 2027.
Branded by POPS4 · proof in 60 seconds
For the principal
Watch Riot's Q1 sublease disclosure in May; if the 22% hedge generates revenue, similar deals with other AI labs likely follow.
For the operator
Anthropic's $40B valuation raise mid-February clarifies whether this compute deal was a funding precondition or operational hedge against hyperscaler risk.
For the house
Long RIOT synthetically via March $14 calls; short BTC miners without AI pivot as margin compression accelerates through Q1 hashrate difficulty.
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