On August 12, Riot Platforms rose 5.63% in pre-market trading, trading at $21.40/share, with turnover of $16.48 million.

On the news front, Macquarie raised its target price on Riot Platforms from $30 to $35 while maintaining an Outperform rating, and Piper Sandler also raised its target price to $25. According to FactSet, the stock now carries an average analyst rating of Buy with a mean price target of $32.98.

The coordinated upgrades follow the company's announcement on the prior trading day of a landmark 20-year, 191-megawatt data center lease agreement with frontier AI lab Anthropic, expected to generate up to $9.1 billion in total revenue. The deal marks Riot Platforms' formal entry into the AI-driven data center market — a strategic pivot previously urged by activist investor Starboard Value, which holds approximately 12.7 million shares. While the company's Q2 EPS loss of $0.68 significantly missed the consensus estimate of a $0.28 loss, revenue of $174.2 million beat the $152.1 million estimate, and market attention has clearly shifted toward the long-term revenue visibility offered by the AI transformation.

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