Riot Platforms has a $9.1 billion, 20-year agreement with Anthropic that could rise to as much as $16.1 billion if all extension options are exercised, Serenity said in a post on Aug. 11. The post added that AMD has exercised an option to expand its existing cooperation agreement with Riot, while another 1 gigawatt Riot campus has signed a letter of intent (preliminary commercial agreement) with a potential tenant. Serenity said the revenue inflection point for many data center hosting-related stocks may be concentrated in the second half of 2027, with the first 96 megawatts of capacity for the Anthropic project due for delivery in December 2027 and 50 megawatts tied to AMD expected to be fully online in May 2027. It also said it was interesting to see IREN and other companies once focused mainly on Bitcoin mining evolve into suppliers of AI data centers and compute infrastructure.