RIOT Platforms stock rises after JPMorgan raises its price target following the company’s $9.1 billion deal with Anthropic.
Riot Platforms shares rose on Monday after JPMorgan increased its price target to $22 from $20, maintaining an Overweight rating. The adjustment follows the Bitcoin miner’s $9.1 billion lease agreement with artificial intelligence company Anthropic for data center capacity.
Wall Street interest has broadened beyond JPMorgan. Morgan Stanley recently raised its RIOT target to $43 from $36 while retaining a Buy rating. Both firms cited growing confidence in Riot’s expanding digital infrastructure operations, particularly the long-term economics of the Anthropic contract and ongoing execution on a separate arrangement with AMD. Together, these agreements underscore Riot’s pivot toward serving high-performance computing customers by leveraging its existing power access and infrastructure.
The strategic shift is already reflected in Riot’s second-quarter results. The company reported total revenue of $174.2 million, a 14% increase year over year, with data center operations contributing $23.2 million. While still a fraction of overall revenue, contracted capacity is expected to scale as projects advance. Long-term leases provide revenue visibility that Bitcoin mining cannot reliably offer, diversifying income streams away from volatile crypto prices, network difficulty, transaction fees, and energy costs.
This transition aligns with broader competition among large technology firms for electrical capacity, land, and computing resources. Bitcoin miners have historically controlled substantial power infrastructure, enabling operators to repurpose idle capacity for AI workloads. However, execution remains critical. Large-scale data center development demands significant capital, reliable power supply, and timely construction; delays could impact projected revenues and alter investor valuation models.
From a technical standpoint, RIOT traded around $19.55 on Monday, gaining more than 2% following Friday’s close near $19.02, which marked a pullback after the initial post-deal rally. The stock now faces immediate resistance near $20; a sustained break above that level would bring JPMorgan’s $22 target into sharper focus. Stronger resistance clusters around the 50-day simple moving average at approximately $23.77, a zone where RIOT has previously struggled during recovery attempts. Support rests near the recent $19 region, with lower levels established prior to the AI-driven rally. Holding this support would preserve the current uptrend structure, while a break above $22 could shift momentum toward the $23.77 resistance band. Conversely, failure to hold $19 may relegate shares back to the consolidation range that preceded the latest infrastructure announcements.