JPMorgan은 Anthropic과의 91억 달러 거래 발표 후 비트코인 채굴사의 목표 주가를 상향 조정했다.
JPMorgan Chase has raised its price target on Riot Platforms (Nasdaq: RIOT) to $22 from $20, while maintaining an Overweight rating. In an August 17 research note, the bank cited growing momentum from Riot’s transition into artificial intelligence infrastructure, specifically noting that the company is "building momentum" through a recently signed lease with AI developer Anthropic that offers "attractive economics." JPMorgan also confirmed that Riot’s separate lease agreement with chipmaker Advanced Micro Devices (AMD) remains on track, a development that helped drive shares higher following the report.
JPMorgan’s upgrade follows a broader wave of analyst optimism. On August 13, Morgan Stanley sharply increased its price target for Riot to $43 from $36, also retaining an Overweight rating. That valuation sits more than 100% above the stock’s recent trading levels, though analysts caution that price targets reflect estimates rather than guaranteed outcomes.
This positive sentiment traces back to August 11, when Riot announced a $9 billion, 20-year compute agreement with Anthropic, confirmed by CNBC’s David Faber. The deal leases 191 megawatts at Riot’s Rockdale, Texas campus, providing Anthropic access to scarce, grid-connected power amid surging demand for AI computing. Effectively, the arrangement repositions Riot from a traditional Bitcoin miner into an AI infrastructure landlord.
Financial projections for the agreement indicate $9.1 billion in expected revenue over the 20-year term, rising to approximately $16.1 billion if extended by two additional five-year periods. When combined with the AMD lease, Riot now operates a two-tenant campus carrying $9.8 billion in contracted data center revenue, according to Compass Point analyst Michael Donovan.
The market’s shifting perspective reflects a broader industry evolution. Historically, Bitcoin mining stocks were viewed primarily as leveraged bets on cryptocurrency prices. However, as AI demand accelerates and crypto markets face sustained pressure, investors are increasingly valuing miners like Riot for their power capacity, data center assets, and energy contracts. The sector is now being treated less as a pure Bitcoin production play and more as an owner of critical digital infrastructure.