# Riot's $9.1B Anthropic Deal Shifts Wall Street's Focus From Bitcoin to AI

> Bernstein raised Riot's 12-month price target to $35 after its reported $9.1 billion Anthropic AI deal, saying 84% of the company's value now comes from AI infrastructure rather than Bitcoin mining.

By Lidia Yadlos · August 11, 2026

Canonical: https://blockster.com/riots-91b-anthropic-deal-shifts-wall-streets-focus-from-bitcoin-to-ai

Riot Platforms is trading at around $22 per share, but Bernstein believes it could reach $35 over the next 12 months following the company's reported $9.1 billion AI infrastructure agreement with Anthropic.

That target implies roughly 55% upside from current levels. The bigger story, however, isn't the analyst upgrade. It's why Bernstein believes the stock deserves a higher valuation.

According to the investment bank, 84% of [Riot's](https://www.riotplatforms.com/) enterprise value now comes from its AI colocation business, compared with just 11% from Bitcoin mining and 5% from its Bitcoin holdings. For one of the industry's largest publicly traded miners, artificial intelligence has overtaken Bitcoin as the primary investment story.

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## AI Is Becoming Riot's Biggest Business

The change follows Riot's reported 20-year agreement to provide 191 megawatts of AI computing capacity from its Rockdale, Texas campus to Anthropic, one of the world's leading AI companies.

The contract is expected to [generate $9.1 billion in revenue](https://www.barrons.com/articles/riot-platforms-stock-anthropic-deal-ai-f59f7a15?) through June 2048, with two optional five-year extensions increasing its potential value to **$16.1 billion**. Riot shares surged after the announcement as investors welcomed what could become one of the largest AI infrastructure agreements signed by a company that began life as a Bitcoin miner.

> Bernstein estimates the project will generate approximately $457 million in recurring annual revenue and between $365 million and $411 million in annual net operating income.

The firm also raised its long-term forecasts, projecting Riot's AI colocation business will generate around $900 million in annual revenue by 2030, up from its previous estimate of $600 million. AI EBITDA is expected to approach $700 million.

## Power Is Becoming More Valuable Than Bitcoin

The deal reflects a broader shift happening across the mining industry. For years, Bitcoin miners competed by deploying more ASIC machines and increasing hash rate. Today, investors are increasingly focused on something far less visible: access to electricity.

Mining companies already own large campuses with high-voltage grid connections, cooling systems and land capable of supporting massive data centers. Those same assets have become essential as AI developers race to secure enough computing capacity to train and run increasingly powerful models.

> Goldman Sachs estimates global data center electricity demand could increase by 165% by 2030, driven largely by artificial intelligence.

As demand accelerates, power infrastructure is becoming one of the technology sector's most valuable assets.

## Bitcoin Still Plays a Role

Bitcoin remains an important part of Riot's business. The company held **11,380 BTC** at the end of June, worth roughly **$730 million** at current prices. However, Bernstein estimates those holdings account for only **5% of Riot's overall valuation**, while Bitcoin mining contributes another **11%**.

By comparison, AI infrastructure now represents **more than seven times** the value of Riot's mining business.

Bernstein also expects Riot's AI expansion to continue. The firm models **391 megawatts** of contracted AI capacity by 2030. Around **241 MW** has already been secured through agreements with AMD and the reported Anthropic partnership, leaving another **150 MW** available for future customers.

## Riot Isn't Alone

Riot's transformation reflects a much broader trend. Over the past year, several of the world's largest publicly traded Bitcoin miners have pivoted toward AI infrastructure.

**Hut 8** recently expanded a **$9.8 billion**, 15-year AI data center lease in Texas. **IREN** announced **$2.8 billion** in new AI cloud contracts and expects its AI cloud business to generate more than **$4 billion in annual recurring revenue** by the end of the year. Meanwhile, companies including **Core Scientific, TeraWulf, Cipher Mining and MARA Holdings** are all investing heavily in high-performance computing and AI infrastructure.

[Post from @Hut8Corp on X](https://twitter.com/Hut8Corp/status/2084590023135940742?s=20)

The market is beginning to reward those efforts. Rather than comparing miners by hash rate and Bitcoin production alone, investors are increasingly comparing megawatts under contract, long-term AI customers and recurring infrastructure revenue.

## A New Way to Value Bitcoin Miners

The transition won't be cheap. Bernstein estimates Riot will still need approximately **$3.7 billion** in additional financing to complete its planned AI data center expansion, making execution and funding the company's biggest challenges.

Even so, Riot's latest agreement highlights a fundamental change in how the market values Bitcoin miners.