Wall Street Breakfast Podcast: Riot's $9.1B AI Mystery

Riot Platforms (RIOT) surged 20% premarket after reportedly securing a $9.1B, 20-year AI data center capacity deal with Anthropic, with potential extensions to $16.1B. PLUG shares jumped 11% as Q2 results beat expectations, gross margin neared breakeven, and 2026 revenue growth target was raised to 15%-16%. SpaceX (SPCX) rebounded above its $135 IPO price, closing at $138.74, marking its highest close since July 13 after a sharp recovery. Upwork (UPWK) plunged 20% due to a slight Q2 EPS miss and significantly weaker Q3 and full-year guidance, highlighting growth concerns.

Riot’s (RIOT) $9B AI deal. Plug Power’s (PLUG) big improvement. SpaceX (SPCX) is back above water.

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.

Stocks are partying, and HSBC says the good times aren't over yet Hormuz risk premium: Who wins and loses in the tanker trade Intel upsizes stock offering to $20B, prices at $95 Catalyst watch: The Monster Beverage (MNST) 2-for-1 stock split will become effective. 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.