What happened: Riot Platforms (RIOT) stock surged 9% in early trading on Tuesday.
What's behind the move: The bitcoin mining company, which has pivoted toward selling data center capacity, signed a deal with a major AI developer, widely reported to be Anthropic (ANTH.PVT), in a transaction valued at $9.1 billion.
"Today's announcement of a landmark 20-year, 191-megawatt data center lease with a leading frontier AI lab marks a defining moment in our evolution into a leading developer of large-scale data centers," Riot CEO Jason Les said in the company's earnings release.
Riot also reported second quarter revenue of $174 million, up 14% year over year, driven by growth in its data center and engineering businesses.
20.47 +1.07 (+5.49%)
As of 10:26:13 AM EDT. Market Open.
