JPMorgan raises Riot Platforms target to $22 after $9 billion Anthropic compute deal
AI Market Summary
JPMorgan and Morgan Stanley raised Riot Platforms' targets after its 20-year, $9.1B compute leasing agreement with Anthropic, reinforcing Riot's shift from a pure Bitcoin miner to an AI infrastructure power-and-data-center landlord. The deal secures long-duration contracted revenue and highlights the market's growing preference to value miners on energy capacity and data-center cash flows rather than solely crypto-price leverage.
Impact level
● Medium
Affected assets
NCSKRIOT2USD/USDT+8.29%
AI Insight · NCSKRIOT2USD/USDTAI Insight
▲ Bullish
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JPMorgan and Morgan Stanley both raised their price targets on Bitcoin miner Riot Platforms while maintaining Overweight ratings. JPMorgan lifted its target to $22 from $20, and Morgan Stanley increased its target to $43 from $36. The moves follow Riot’s Aug. 11 announcement of a 20-year, $9 billion compute agreement with AI company Anthropic that is expected to generate $9.1 billion in revenue, rising to roughly $16.1 billion if renewed twice. The deal underscores a broader shift by Bitcoin miners toward AI infrastructure that has drawn support from Wall Street analysts.
