Riot Platforms, Inc.

What they do

Riot develops and operates large-scale data center facilities, primarily the Rockdale Facility in Texas (700 MW of developed capacity), the Corsicana Facility in Texas (400 MW developed, targeting roughly 1 GW), and the Kentucky Facility acquired with Block Mining (approximately 137 MW developed, targeting approximately 232 MW). It operates two reportable segments, Bitcoin Mining and Engineering, and in 2025 began pursuing data center leasing for non-mining workloads. The company mines bitcoin with its own fleet and designs and engineers power and infrastructure equipment in-house.

Revenue drivers

• Bitcoin Mining — Revenue from bitcoin rewards and transaction fees earned by self-mining; produced 1,587 bitcoin in Q2 2026 with an average cost to mine, excluding depreciation, of $49,912 per bitcoin.
• Data Center — New segment generating $23.2 million in Q2 2026, split between $4.9 million of operating lease revenue and $18.3 million of tenant fit-out services revenue, following delivery of the initial 25 MW to AMD.
• Engineering — One of two reportable segments; designs and builds power and data center infrastructure, including immersion-cooled bitcoin mining hardware and electrical equipment.

Recent performance

Q2 2026 total revenue was $174.2 million, up 14% from $153.0 million in the prior-year quarter, including $23.2 million of Data Center revenue. Bitcoin production rose to 1,587 bitcoin from 1,426 a year earlier, while the average cost to mine bitcoin, excluding depreciation, increased to $49,912 from $48,992. Full-year 2025 revenue was $647.4 million but net income was a loss of $663.2 million, and operating cash flow was negative $572.9 million. At June 30, 2026, total assets were $3.26 billion, total liabilities $1.07 billion, shareholder equity $2.19 billion, and cash and equivalents $471.4 million.

Strategy

Riot is shifting from a bitcoin-mining-focused enterprise toward a diversified data center and digital infrastructure company, monetizing its power pipeline through long-term leasing. In January 2026 it announced the AMD lease for an initial 25 MW at Rockdale, with expansion options up to an additional 75 MW and a right of first refusal over 100 MW, and bought the approximately 200-acre Rockdale site it had previously leased. In August 2026 it announced a 20-year lease with a leading frontier AI lab for 191 MW at Rockdale, expected to generate approximately $9.1 billion in initial contract revenue. The company has completed its standard data center basis of design and is assessing procurement of long-lead equipment.

Risks

• Business model transition — Riot's shift toward data center development alongside bitcoin mining may not perform as planned and may divert resources from existing operations.
• Bitcoin price and block reward — Success depends on external factors affecting the bitcoin industry, and the finite supply of bitcoin means the declining block reward over time pressures mining economics.
• Capital needs — Riot may be unable to access sufficient additional capital to fund hash rate growth and data center build-outs.
• Tenant and lease assumptions — Incorrectly estimating data center lease capacity requirements and capital expenditures could adversely affect results, and the strategy depends on attracting qualified third-party partners and customers.

Outlook

Management expects phased delivery of the 191 MW frontier AI lab lease at Rockdale, with the initial 96 IT MW expected in December 2027 and full deployment by June 2028, and the second 25 MW AMD expansion under construction. CEO Jason Les states the company has contracted 241 MW of critical IT capacity with two major AI ecosystem companies, representing approximately $9.8 billion of long-term contracted revenue. Riot targets the Kentucky Facility reaching approximately 232 MW through the remainder of 2026 and describes multi-gigawatt-scale power capacity as already fully approved and energized.