JPMorgan lifts Bitcoin miner's price target after $9.1B Anthropic deal

JPMorgan Chase has raised its price target on Riot Platforms (Nasdaq: RIOT), a Bitcoin miner increasingly moving into AI infrastructure, to $22 from $20, while keeping its Overweight rating.

The bank said in an Aug. 17 research note that Riot is "building momentum," pointing to a recently signed lease with AI company, Anthropic, at what it called "attractive economics."

JPMorgan added that Riot's separate lease with chipmaker Advanced Micro Devices (AMD) remains on track. Riot shares climbed following the note

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A bigger vote of confidence from Morgan Stanley

JPMorgan isn't alone in turning more positive. On Aug. 13, Morgan Stanley raised its own Riot target sharply, to $43 from $36, also keeping an Overweight rating.

That figure sits more than 100% above where the stock recently traded, though price targets reflect analyst estimates rather than guaranteed outcomes.

The optimism traces back to Aug. 11, when Riot announced a $9 billion, 20-year compute agreement with Anthropic, confirmed by CNBC's David Faber.

The deal leases 191 megawatts at Riot's Rockdale, Texas campus, giving Anthropic access to scarce, grid-connected power as demand for AI computing surges. It effectively repositions Riot from a bitcoin miner into an AI infrastructure landlord.