'Clear scale up path': Bernstein sees 80% upside for Riot after reported $9.1 billion Anthropic deal

What happened

Bernstein analysts estimate that Riot Platforms could see an 80% increase in value after a reported $9.1 billion deal with Anthropic, noting AI colocation now makes up 84% of its target enterprise value versus 11% from bitcoin mining.

Confirmed

Global impact / market context

If the AI colocation business grows as expected, Riot could shift from a mining‑focused company to a data‑center player, potentially boosting revenue and attracting investors seeking exposure to artificial‑intelligence infrastructure. This change could also improve the firm’s cash flow stability.

Analyst inference

The crypto‑mining sector has faced headwinds from lower Bitcoin prices and higher energy costs, while demand for AI‑related data‑center space is rising across tech firms. Riot’s pivot aligns with broader market trends favoring AI infrastructure over traditional mining.

Analyst inference

What to watch

1. Progress on the Anthropic agreement, such as signed contracts or capital deployment, to confirm the size and timing of the AI colocation revenue boost. Proposed
2. Riot’s allocation of capital between AI colocation and bitcoin mining, indicating how quickly the company will shift resources toward higher‑margin AI services. Proposed
3. Regulatory developments affecting data‑center operations or crypto mining, which could impact Riot’s cost structure and ability to expand AI facilities. Proposed

Affected assets

• BTC — Bitcoin

Evidence

• theblock.co