Riot Platforms (RIOT) shares jumped 19% on Tuesday after the company announced a landmark 20-year, 191-megawatt data center lease with AI company Anthropic. The deal is expected to generate $9.1 billion in initial revenue through June 2048, with extension options potentially pushing the total value to $16.1 billion. This move marks a significant strategic shift for Riot, which was originally a Bitcoin mining company but is now pivoting heavily toward AI and high-performance computing. The lease covers Riot’s Rockdale facility in Texas and represents one of the clearest signals yet that crypto miners can successfully diversify into AI infrastructure.
Riot also reported Q2 revenue of $174.2 million, up 14% year-over-year and above the $150.9 million analyst consensus. Data center revenue, newly broken out this quarter, reached $23.2 million. The broader market saw other big movers: Babcock & Wilcox surged 41% on strong earnings and AI power demand, while Plug Power climbed 8% after beating estimates and lifting its 2026 revenue growth target. On the downside, Rocket Lab fell 9% despite record revenue due to weak margin forecasts, and Intel slid after increasing its planned stock offering to $20 billion to fund AI manufacturing expansion.
Separately, Nvidia is reportedly organizing a $500 billion AI infrastructure financing push with major Wall Street firms including BlackRock, Blackstone, Apollo, and Goldman Sachs. The goal is to accelerate data center buildout to meet surging AI demand. Meanwhile, AST SpaceMobile missed revenue estimates but held its full-year 2026 outlook, while shares of Upwork and On Holding tumbled on weak guidance.
