Analyst predicts 55% rally for surging stock on $9B Anthropic deal

Analyst predicts 55% rally for surging stock on $9B Anthropic deal

Tue, August 11, 2026 at 8:01 PM GMT+3 2 min read

Riot Platforms (Nasdaq: RIOT), the data infrastructure company well-known for its Bitcoin (BTC) mining and artificial intelligence (AI) operations, signed a 20-year lease with a leading AI lab on Aug. 10. Bloomberg identified the AI lab as Anthropic.

Riot announced the data center lease with Anthropic for 191 MW of critical IT capacity at its Rockdale campus. The deal is expected to generate approximately $9.1 billion in total contract revenue over the initial 20-year term, the firm said.

Related: What is Bitcoin mining? Explained

The lease also includes two five-year extension options at the tenant's election, representing a total potential contract value of approximately $16.1 billion if both extensions are fully exercised.

In January, Riot also signed a lease with another AI giant, Advanced Micro Devices, for its Rockdale facility.

Trending on TheStreet Roundtable:

Needham raises Riot stock's price target on Anthropic deal

Needham raised its price target on the Riot stock from $28.50 to $30 on Aug. 10.

The firm cited the 191-MW lease agreement Riot signed with Anthropic for its decision to hike the price target. Meanwhile, it reiterated a buy rating on the stock.

As the Riot stock closed at $19.40 on Aug. 10, Needham's price target of $30 represents an upside of 54.6%.

What Q2 financials reveal

During the second quarter of 2026, Riot generated a revenue of $174.2 million, including $23.2 million from data centers.

However, its Bitcoin mining revenue fell to $113.7 million due to the market downturn and growing network competition.

Riot also posted a GAAP net loss of $237 million (−$0.68 per diluted share) for the quarter, driven largely by roughly $240 million in non-cash charges, including a $75 million mark-to-market loss on its Bitcoin holdings and $98 million in depreciation and amortization.

The company also reduced its Bitcoin holdings by 4,300 BTC during the quarter, with the figure now standing at 11,380 BTC.

Related: Analysts reveal investors are underestimating Bitcoin miners

This story was originally published by TheStreet on Aug 11, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.