RIOT · Riot Platforms, Inc.
The AI's read
JPMorgan says Anthropic agreed to pay roughly $2.4 per watt per year for Riot capacity, about 33% above the $1.8 industry average, and the contract implies ~$9.1B in base TCV. That shows buyers are willing to pay a premium for power-ready AI sites, which is directly relevant to Riot's business. RIOT is already up ~4.3% on the news and RSI sits at 60.5, so the market has partially priced the story but not run away. The timeline matters though: first 96 MW by Dec 2027, rest by June 2028, so revenue realization is multi-year. We lean bullish because the deal is large relative to Riot's market cap and it proves pricing power for shovel-ready campuses. Execution, grid risk, and converting LOIs into binding deals are the main caveats to upside.