RIOT stock gains 4.7% as JPMorgan lifts target to $22

RIOT stock has climbed 4.7% to $19.91 after JPMorgan raised its Riot Platforms price target to $22 following the Bitcoin miner’s $9.1 billion data center agreement reportedly involving Anthropic.

JPMorgan sees momentum building at Riot Platforms

On Aug. 1, JPMorgan had increased its price target for Riot Platforms from $20 to $22 while keeping an Overweight rating on the Nasdaq-listed stock.

JPMorgan analysts said Riot was “building momentum” after securing its latest data center agreement at what the bank described as “attractive economics.” The analysts also said work connected to Riot’s existing lease with chipmaker AMD remained on schedule.

At $19.91, RIOT traded about 10.5% below JPMorgan’s revised target. The 4-hour chart showed the stock opening at $19.07, reaching $20.05 and falling as low as $18.90 before recovering.

Morgan Stanley has taken a more bullish position. On Aug. 13, the bank raised its RIOT target from $36 to $43 and retained an Overweight rating. The revised forecast sits more than 100% above the latest market price, although price targets represent analysts’ estimates rather than guaranteed outcomes.

Wall Street’s latest revisions followed a volatile week for RIOT. The stock surged after the large data center contract was announced, but some investors later booked profits, pulling the shares down to a Friday close of $19.02 before Monday’s recovery.

Riot’s $9.1 billion deal adds contracted AI revenue

Riot disclosed the 20-year agreement in an Aug. 10 filing with the U.S. Securities and Exchange Commission, identifying the customer only as a leading frontier AI company. Bloomberg later named Anthropic as the tenant, citing people familiar with the transaction, while Riot and Anthropic did not publicly confirm the customer’s identity.

As crypto.news previously covered the Anthropic deal, the agreement covers 191 megawatts of critical information technology capacity at Riot’s Rockdale campus in Texas. Riot expects to deliver the first 96 MW in December 2027 and another 95 MW by June 2028.

Under the initial term, which runs through June 2048, Riot expects the agreement to produce about $9.1 billion in contracted revenue. Two five-year extension options controlled by the tenant could increase the potential total to $16.1 billion.

Riot has projected cumulative net operating income of between $7.3 billion and $8.2 billion during the base term. Company filings classify both the revenue and income totals as forward-looking estimates because actual results depend on construction, financing, deployment, and operating performance.

To fund the first stage of construction, Riot secured a $573 million delayed-draw term loan arranged by Morgan Stanley. The company plans to use the financing while it works toward a permanent funding structure for the project.

Rockdale already has 700 MW of developed and energized power capacity, along with fiber and electrical systems built for large-scale Bitcoin mining. Riot has said it plans to convert the campus’s full gross capacity for data center customers over time.

The AMD lease gave Riot its first large tenant

Before the latest contract, AMD signed a 10-year, $311 million lease covering an initial 25 MW at Rockdale. Extension and expansion options could take its potential value to about $1 billion and increase AMD’s capacity to 200 MW.

AMD exercised its first 25 MW expansion option during the first quarter, bringing its contracted capacity to 50 MW. Adding the newer 191 MW agreement gives Riot 241 MW of critical IT capacity under signed Rockdale leases.

Riot’s first-quarter financial results showed $167.2 million in total revenue, up from $161.4 million a year earlier. Data center operations produced $33.2 million, including $32.2 million from tenant fit-out services and $900,000 from operating lease revenue.

For the second quarter, Riot reported $174.2 million in revenue, representing a 14% increase from the same period in 2025. Data center revenue accounted for $23.2 million of the quarterly total, leaving Bitcoin mining as the company’s main revenue source while the newer contracts move through construction.

Riot produced 1,473 Bitcoin during the first quarter, compared with 1,530 $BTC a year earlier. According to the company, Bitcoin mining revenue declined to $111.9 million from $142.9 million as the average Bitcoin price fell and the global network hash rate increased.

The company also sold 3,778 $BTC during the quarter. Its average mining cost, excluding depreciation, rose to $44,629 per Bitcoin, partly because the average global network hash rate increased by 24%.

Other listed miners have pursued similar contracts because their existing power supplies, land, and cooling systems can be adapted for AI computing. A June report on miners entering AI infrastructure found that public Bitcoin mining companies had announced more than $70 billion in AI and high-performance computing contracts.

RIOT stock must reclaim $20.48

RIOT’s 4-hour chart shows that the latest 4.7% recovery began after the stock approached the lower Bollinger Band at $18.50. Buyers lifted the price from an intraday low of $18.90 to $19.91, but the stock remained below the indicator’s midpoint at $20.48.

Based on the chart, $20.48 serves as the first resistance level. A sustained move above it would bring the upper Bollinger Band at $22.47 into view, placing that level close to JPMorgan’s new $22 target.

Failure to clear the midpoint would leave RIOT exposed to another test of the $18.50 lower band. The stock has also formed lower highs since its late-June peak near $30, while recent candles show repeated moves on both sides of the $20 area.

The Average Directional Index stood at 15.52 on the 4-hour chart. An ADX reading below 20 generally indicates weak trend strength, so the indicator does not yet confirm a strong move in either direction.

Bitcoin added almost 1% to trade near $63,502 during the period, while 24-hour trading volume increased 68%. The move followed reports that the United States and Iran had agreed to extend a 60-day ceasefire.