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Riot Platforms (RIOT) signed a 20-year data-center capacity agreement with Anthropic, under which it will provide 191 MW of power capacity. The news initially pushed Riot Platforms shares up as much as 17% in after-hours trading. However, those gains faded, and the stock closed at $20.24 on Aug. 11, with more than 76 million shares traded. The reaction followed Riot Platforms' Aug. 10 second-quarter results, which included a net loss of $237.2 million. In the approximately week of trading since, RIOT stock has increased by about 11%.
Against that backdrop, Stanley Druckenmiller's Duquesne Family Office disclosed a new 754,800-share stake in Riot Platforms in its second-quarter 13F filing. Duquesne also added stakes in Bitcoin (BTCUSD) miners Bitdeer Technologies Group (BTDR), Hut 8 (HUT), and IREN (IREN), while exiting Intel (INTC) and Micron Technology (MU). The changes suggest Duquesne is moving away from traditional chip stocks and toward companies tied to Bitcoin mining and AI data center demand.
So what does a marquee family office builder like Duquesne see in Riot right now? Let's find out.
Riot's Financial Position in Focus
Riot Platforms still mines Bitcoin, but it is also building a data center leasing business. That broader story has helped the stock climb 73% over the past 52 weeks and 67% so far this year.
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Second-quarter revenue rose 14% year-over-year (YoY) to $174.2 million from $153.0 million. Data center revenue totaled $23.2 million, including $4.9 million in lease revenue and $18.3 million from work completed to prepare space for tenants. Riot Platforms completed its first 25 MW delivery for Advanced Micro Devices (AMD), while engineering revenue rose to $37.3 million from $10.6 million a year earlier.
Bitcoin mining remained Riot Platforms' biggest business, generating $113.7 million in revenue. That was down from $140.9 million last year as average Bitcoin prices fell and global mining competition increased. Riot Platforms mined 1,587 Bitcoin, up from 1,426, though its cost to mine each Bitcoin rose to $49,912 from $48,992. At the end of June, Riot Platforms held more than $1.2 billion in liquid assets, including $548.9 million in cash and 11,380 Bitcoin worth about $666.0 million.
What Could Drive Riot Higher
Riot Platforms' biggest near-term opportunity is its 20-year, 191 MW data center deal at Rockdale, Texas, with Anthropic. The agreement could bring in about $9.1 billion over its initial term, rising to roughly $16.1 billion if Anthropic uses both five-year extension options. Riot Platforms expects the base contract to generate $7.3 billion to $8.2 billion in total net operating income, or $365 million to $411 million a year. It plans to deliver the first 96 MW in December 2027 and the full 191 MW by June 2028.
Advanced Micro Devices offers an early example of Riot Platforms' ability to deliver on these projects. The company completed AMD's first 25 MW deployment on time and within budget during the second quarter. AMD has since expanded to 50 MW of contracted capacity, with a 10 MW phase due in November 2026 and another 15 MW phase expected in May 2027.
Riot Platforms has secured a $573 million interim financing facility from Morgan Stanley (MS) to buy equipment and begin work on the Anthropic project. The tenant fully secures the facility from the start while Riot Platforms works to finalize an investment-grade credit backstop.
In May, Riot Platforms also signed a memorandum of understanding with Terrestrial Energy to explore placing small nuclear reactors near future data centers in Texas and Kentucky. The proposal covers multiple 390 MW IMSR plants, with up to 4 GW of total nuclear capacity, while natural gas could support the sites during the buildout.
Wall Street's Outlook for RIOT Stock
Riot Platforms is expected to report third-quarter results on Oct. 29. Analysts expect a loss of $0.31 per share, compared with earnings of $0.26 per share in the same quarter last year. For the full year 2026, the consensus forecast is a $2.61-per-share loss, wider than the $1.95 loss reported in 2025.
Still, the Anthropic deal has led some analysts to raise their targets. On Aug. 13, Morgan Stanley analyst Stephen Byrd lifted his price target on Riot Platforms to $43 from $36 and kept an "Overweight" rating. That is the highest target on Wall Street and more than double the $19.38 share price. Morgan Stanley is also providing the $573 million interim facility for Riot Platforms' 191 MW project.
On Aug. 17, JPMorgan Chase analyst Richard Choe raised his target to $22 from $20 and maintained an "Overweight" rating. He pointed to the Anthropic agreement and Riot Platforms' on-time delivery of Advanced Micro Devices' Rockdale lease. Riot Platforms shares rose nearly 5% that day.
All 21 analysts covering Riot Platforms rate it a consensus "Strong Buy," with an average price target of $32.17, implying about 61% upside from current levels.
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Conclusion
Duquesne's new RIOT stake looks like a bet that Riot's value is shifting beyond Bitcoin mining toward contracted AI infrastructure. The Anthropic lease, expanding AMD relationship, and substantial liquidity give that thesis real support, although execution and funding requirements remain significant. With shares already volatile, RIOT will likely remain sensitive to Bitcoin prices and construction milestones. Still, the balance of evidence points to a constructive outlook if Riot delivers its Rockdale capacity on schedule, because long-term tenant revenue could make its earnings profile more durable and less dependent on mining cycles.
On the date of publication, Ebube Jones did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
