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Riot’s (RIOT) $9B AI deal. (00:13) Plug Power’s (PLUG) big improvement. (01:10) SpaceX (SPCX) is back above water. (01:44)
This is an abridged transcript.
Anthropic PBC (ANTHRO) has reportedly struck a $9.1B deal with Riot Platforms (RIOT), a Bitcoin mining company that recently began selling AI data center capacity.
Bloomberg News reported that Riot (RIOT) disclosed Monday that it had secured a 20-year deal to supply 191 megawatts of capacity — enough to energize roughly 143,000 homes at any given moment — from its Rockdale, Texas, campus to a “leading frontier AI” company. That company is Anthropic (ANTHRO), according to the report.
Riot is up 20% on news of the deal in premarket trading.
The agreement runs through June 2048. Riot expects the contract to generate $9.1B in revenue, while two five-year extension options could take total sales to as much as $16.1B.
Plug Power (PLUG) +11% in premarket action.
Shares climbed after the hydrogen and fuel-cell company reported Q2 results that beat expectations, achieved near breakeven gross margin, and raised its FY2026 revenue growth target.
Gross margin improved to roughly breakeven from negative 31% a year earlier, while operating expenses fell about 50% year over year to $62M.
The company now targets 2026 revenue growth of 15%-16%.
SpaceX (SPCX) closed 4.2% higher at $138.74 on Monday, moving back above the company’s $135 IPO price for the first time since July 16.
SpaceX is currently down 1% in premarket action, still above $135.
The stock had closed below its IPO price for several weeks after first slipping under the $135 level on July 16. Monday’s gain extended a sharp rebound from its $104.83 intraday low on August 3.
The move also marks SpaceX’s highest close since July 13, although the stock remains well below its post-IPO highs.
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Catalyst watch:
Stock index futures are in the red before the opening bell.
Crude oil is up 2.6% at $84. Brent crude is up 2.3% at $89.
The FTSE 100 is down 0.1% and the DAX is down 0.1%.
One stock on the biggest movers list: Upwork (UPWK) -20% – Shares tumbled after the freelancing platform reported a slight Q2 EPS miss and issued significantly weaker-than-expected Q3 and full-year guidance, raising concerns about slowing growth.
Economic calendar:
