olivLaw · US equity research
Riot Platforms, Inc. RIOT
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Riot Platforms is a vertically integrated digital infrastructure company that uses its large power assets for both bitcoin mining and data centers serving compute-intensive workloads. Its profile matters now because data center leases have contracted roughly 241 MW of capacity with AMD and a frontier AI lab, with about 9.1 billion USD of initial contract revenue for the newer lease.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Riot Platforms, Inc. (RIOT) stock was 15.37 USD (+9.63% on the day), with market capitalisation 5.8 bn USD, beta 3.13, 52-week range 11.83–28.69 USD. Latest reported quarter (Q2 2026): revenue of 174.2 m USD (+13.9% YoY), net income of -237.2 m USD (−208.1% YoY), diluted EPS -0.68 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.0
- neutral
- Bollinger (20, 2)
- 11.35 – 17.33
- in the upper half of the band · %B 0.67 · band width 41.7%
- SMA 50 / 200
- 18.42 / 19.35
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.46 / -1.75
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.4% | −2.0% | −18.5 pp | — |
| 3 months | −28.5% | −2.2% | −26.3 pp | — |
| 6 months | −35.1% | +4.3% | −39.4 pp | — |
| Year to date | +21.3% | +10.6% | +10.7 pp | — |
| 1 year | −20.3% | +10.5% | −30.7 pp | −52.3% |
| 3 years | +34.9% | +73.7% | −38.7 pp | −66.7% |
| 5 years | −51.2% | +61.7% | −112.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 84.8 m | 142.6 m | 161.4 m | 153.0 m | 180.2 m | 152.8 m | 167.2 m | 174.2 m |
| SG&A | 66.9 m | 81.1 m | 71.4 m | 75.9 m | 69.8 m | 81.6 m | 76.2 m | 82.0 m |
| Operating income | -121.5 m | 188.2 m | -233.9 m | 216.1 m | 80.1 m | -684.5 m | -499.9 m | -239.4 m |
| Depreciation & amortisation | 60.0 m | 76.5 m | 77.9 m | 83.2 m | 82.9 m | 98.7 m | 97.7 m | 97.8 m |
| Income tax | 32.0 k | 679.0 k | — | — | — | — | — | — |
| Net income | -154.4 m | 136.4 m | -296.4 m | 219.5 m | 104.5 m | -690.7 m | -500.5 m | -237.2 m |
| Diluted EPS | -0.54 | 0.28 ≈ | -0.90 | 0.58 | 0.26 | -3.50 ≈ | -1.44 | -0.68 |
| Operating cash flow | -56.3 m ≈ | -98.4 m | -122.1 m | -231.3 m ≈ | -114.0 m ≈ | -105.5 m | -182.7 m | -90.1 m ≈ |
| Capex | 71.3 m ≈ | 58.2 m | 32.9 m | 60.4 m ≈ | 25.7 m ≈ | 82.5 m | 115.5 m | 60.7 m ≈ |
| Share repurchases | 709.0 k ≈ | 84.0 k | 484.0 k | 103.0 k ≈ | 2.6 m ≈ | 1.1 m | 2.0 m | 499.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.8 m | 6.8 m | 12.1 m | 213.2 m | 259.2 m | 280.7 m | 376.7 m | 647.4 m |
| Revenue YoY | +2,809.3% | −12.8% | +76.7% | +1,665.1% | +21.5% | +8.3% | +34.2% | +71.9% |
| Net income | -58.0 m | -20.0 m | -14.1 m | -15.4 m | -509.6 m | -49.5 m | 109.4 m | -663.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −706.2% |
| Diluted EPS | unavailable | -1.02 | -0.33 | -0.17 | -3.65 | -0.28 | 0.34 | -1.95 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −673.5% |
| net % | -739.4% | -293.1% | -116.8% | -7.2% | -196.6% | -17.6% | 29.0% | -102.4% |
| Free cash flow | -39.2 m | -20.4 m | -11.0 m | -233.2 m | -147.9 m | -160.6 m | -495.4 m | -774.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 233.5 m USD
- Financial debt
- 840.8 m USD
- Net debt
- 607.3 m USD
- Equity
- 2.9 bn USD
- Total assets
- 3.9 bn USD
- Debt / equity
- 0.29x
- Current ratio
- 0.96x
- ROE
- -22.1%
- ROA
- -16.8%
- FCF margin
- -119.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 12.1 m | 213.2 m | 259.2 m | 280.7 m | 376.7 m | 647.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 6.3 m | — | — | — | — | — | SEC (XBRL)· 31 Mar 2021verified |
| Gross profit | 5.8 m ≈ | — | — | — | — | — | SEC (XBRL)· 31 Mar 2021derived |
| SG&A | 87.4 m | 87.4 m | 67.5 m | 100.3 m | 266.9 m | 298.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | -15.5 m | -29.9 m | -512.7 m | -63.0 m | 153.6 m | -622.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 26.3 m | 26.1 m | 105.9 m | 246.5 m | 206.2 m | 342.8 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | 10.8 m ≈ | -3.8 m ≈ | -406.8 m ≈ | 183.5 m ≈ | 359.8 m ≈ | -279.4 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Interest expense | — | 296.0 k | — | — | — | — | SEC (XBRL)· 16 Mar 2022verified |
| Pre-tax income | -14.1 m | -15.2 m | -521.3 m | -54.6 m | 110.1 m | -663.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | — | 254.0 k | -11.7 m | -5.1 m | 744.0 k | -150.0 k | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -14.1 m | -15.4 m | -509.6 m | -49.5 m | 109.4 m | -663.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | -0.33 | -0.17 | -3.65 | -0.28 | 0.34 | -1.95 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 42.0 m | 93.5 m | 139.4 m | 175.0 m | 318.9 m | 340.7 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 223.4 m | 312.3 m | 230.3 m | 597.2 m | 277.9 m | 233.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | — | 15.4 m | 26.9 m | 24.7 m | 27.1 m | 29.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 236.3 m | 564.6 m | 443.4 m | 1.0 bn | 599.5 m | 448.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 10.1 m | 276.5 m | 692.6 m | 704.2 m | 1.3 bn | 1.5 bn | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | — | 335.6 m | — | — | 121.9 m | 122.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 336.0 k | 14.2 m | 21.5 m | 15.7 m | 34.1 m | 30.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 280.1 m | 1.5 bn | 1.3 bn | 2.1 bn | 3.9 bn | 3.9 bn | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 718.0 k | 20.0 m | 18.4 m | 23.2 m | 17.6 m | 23.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | — | — | — | 257.0 k | 314.0 k | 253.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | — | — | — | 526.0 k | 584.3 m | 586.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 2.4 m | 109.9 m | 121.5 m | 121.0 m | 160.4 m | 469.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 3.1 m | 173.6 m | 168.5 m | 163.1 m | 791.6 m | 1.1 bn | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 275.6 m | 1.3 bn | 1.2 bn | 1.9 bn † | 3.1 bn † | 2.9 bn † | SEC (XBRL)· 02 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -2.8 m | -86.1 m | 530.0 k | 33.1 m | -255.1 m | -572.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 8.1 m | 147.1 m | 148.4 m | 193.7 m | 240.3 m | 201.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | -11.0 m ≈ | -233.2 m ≈ | -147.9 m ≈ | -160.6 m ≈ | -495.4 m ≈ | -774.3 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -41.1 m | -490.6 m | -354.9 m | -414.8 m | -1.5 bn | 76.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 259.9 m | 665.6 m | 272.3 m | 748.5 m | 1.5 bn | 455.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | 446.0 k | 5.1 m | 10.1 m | 14.0 m | 11.6 m | 4.3 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.8 bn USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -35.0% | 45 (vs peers) | 24% |
| Net margin · Quality | -196.3% | 39 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 35.7% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 65 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -13.5% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | 0.1% | 2 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial65/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality43/100 · 2/3 factors with a value
- Returns· partial2/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RIOT PLATFORMS, INC. (RIOT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 647.4 m USD in 2025; YoY growth 71.9%; net margin -196.3%; ROE -48.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 35.7%
What contradicts it
- FCF yield: -13.5%
- Shareholder yield (distributions): 0.1%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 218.3 bn | 18.3 | 35.9% | 27.9% | +6.4% | −11% / +91% |
| COINCoinbase Global, Inc. | 38.5 bn | — | -4.7% | -12.5% | +9.4% | −47% / +17% |
| SOFISoFi Technologies, Inc. | 21.7 bn | 35.0 | 7.1% | 104.3% | +23.1% | −44% / +130% |
| RIOTRiot Platforms, Inc. | 5.8 bn | — | -48.2% | -196.3% | +71.9% | −20% / +35% |
| KLARKlarna Group plc | 5.2 bn | — | -11.9% | -7.8% | +24.8% | −56% / unavailable |
| GPGIGPGI, Inc. | 3.7 bn | — | -20.6% | — | −85.8% | −36% / +208% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| CIFRCipher Digital Inc. | 3.0 bn | — | -156.8% | -742.3% | +48.0% | −68% / +135% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| WDWalker & Dunlop, Inc. | 1.3 bn | 34.4 | 2.2% | 3.0% | +9.0% | −41% / −54% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −40% / +47% |
| XYFX Financial | 1.2 bn | 5.9 | 20.2% | 19.2% | +35.8% | −28% / +15% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −70% / −87% |
| ZSQRZ Squared Inc. | 192.4 m | — | -25.9% | -642.0% | unavailable | −81% / −84% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| GHIGreystone Housing Impact Investors LP | 111.0 m | — | — | -5.1% | −6.4% | −33% / −72% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| BTCSBTCS Inc. | 54.6 m | — | -354.8% | -746.3% | +304.8% | −67% / +6% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
1- and 3-year price returns: for RIOT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Riot Platforms is a vertically integrated digital infrastructure company that uses its large power assets for both bitcoin mining and data centers serving compute-intensive workloads. Its profile matters now because data center leases have contracted roughly 241 MW of capacity with AMD and a frontier AI lab, with about 9.1 billion USD of initial contract revenue for the newer lease.
SWOT
Strengths
- A large, integrated power portfolio with approved and interconnected campuses, including Rockdale, where the company now controls the land and critical infrastructure.
- Vertical integration through the Engineering segment, which supplies in-house equipment and reduces execution risk for data center projects.
- Long-term contracts with high-quality AI-sector tenants that provide contracted revenue and substantial liquidity in bitcoin and cash.
Weaknesses
- Bitcoin mining revenue depends on the bitcoin price, which fell in 2026, while the cost to mine rose in the second quarter.
- The data center strategy is at an early stage and its success depends on construction execution, financing and equipment availability.
- The company has reported operating losses in the past, and some segments, such as Data Center, are still small relative to stated ambitions.
Opportunities
- The announced Rockdale contracts could turn the company into a significant AI data center developer if deliveries stay on schedule.
- Approved power capacity and the Corsicana expansion could allow additional offerings to customers seeking quickly available capacity.
- If demand for AI compute remains strong, leasing revenue could become more stable than bitcoin mining revenue.
Threats
- Competition from established data center operators and diversifying miners could reduce pricing or customer wins.
- Energy, environmental and water-use regulation could delay permits and raise project costs.
- A fall in the bitcoin price or a rise in network difficulty could materially reduce mining revenue.
Risks
- Data center executionhigh
Construction delays, supply chain problems or permitting setbacks could postpone capacity delivery to tenants and affect expected revenue.
- Dependence on the bitcoin pricehigh
Mining revenue falls when the bitcoin price falls, and the company already reported lower segment revenue in 2026.
- Tenant concentrationmedium
If a small number of tenants account for most data center revenue, a problem with a single customer could have a large effect.
- Financing and capital spendingmedium
Expansion requires substantial capital, and future financing terms could be less favourable than current ones.
- Access to powermedium
The company depends on third-party power providers and regulators, and adverse action by either could affect operations.
Investment thesis
What would need to be true (bull case)
- Long-term contracts with AI-sector customers could turn the company into a source of recurring revenue if deliveries are made on time.
- Approved power capacity and vertical integration could give a cost advantage over rivals that must buy power separately.
- Substantial liquidity in bitcoin and cash could fund expansion without relying solely on capital markets.
What would break the thesis
- If the bitcoin price stays low, mining revenue and margins could keep contracting.
- The data center strategy is new, and construction or financing delays could reduce the expected benefit.
- Competition from larger, better-funded operators could limit pricing and the company's ability to win new customers.
What to watch
- Progress on the additional 25 MW for AMD and the 10 MW Phase 3Q4 2026
- Delivery of the first 96 MW under the frontier AI lab leaseDecember 2027
- Trend in the average cost to mine and the bitcoin priceQ3 2026
- Completion of investment-grade credit backstop financing for the Rockdale project2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Riot Platforms, Inc. operates as a vertically integrated digital infrastructure company focused on developing and optimizing its large-scale power assets across two complementary platforms: bitcoin mining and scalable data center solutions for non-mining workloads. Its Rockdale Facility in Texas, with 700 MW of developed capacity, is described by the company as among the largest digital infrastructure campuses in North America, measured by developed capacity 1. As of June 30, 2026 its total deployed hash rate was 44.4 EH/s 2.
Data center development began in 2025, building on competencies in power optimization, land acquisition, engineering and construction. In January 2026 the company announced the purchase of the land under the Rockdale Facility, previously held under a ground lease, and the AMD lease for an initial 25 MW of critical IT load capacity 1. In August 2026 it announced a 20-year lease for 191 MW at the same campus, its second anchor tenant there 3.
Segments
Engineering
The Engineering segment supplies electrical equipment for the company's own projects and for industrial and government customers in data center, power, utility and industrial markets 1. Its revenue rose to 37.3 million USD in the second quarter of 2026 from 10.6 million USD a year earlier 3.
Market context
The bitcoin mining industry is consolidating, with rising capital needs and constrained access to large-scale power, while demand for data centers serving AI and HPC workloads is growing quickly 1. The company describes bitcoin's price as a key driver of mining revenue; the average price in the first half of 2026 was 73,736 USD per bitcoin, against 95,991 USD in the same period of 2025 2. Demand for large data centers depends on reliable and low-cost power, which companies with their own energy assets can use as an advantage.
Since 2023 and 2024 the global bitcoin network hash rate has grown sharply, forcing miners to keep expanding to hold their share of rewards 1. In the data center market, operators compete for land near transmission infrastructure, dependable power and technical talent, against established operators and infrastructure providers 1.
Trends
- Convergence of mining and AI data centerstailwind
Miners with large power assets can reuse their infrastructure for compute-intensive workloads, since power, cooling and density needs are similar, which could open more stable long-term revenue if projects are completed as planned 1.
- Consolidation in miningmixed
The 2024 halving, record hash rates and rising difficulty make mining more capital intensive, which favours large operators with access to power and financing 1.
- Bitcoin price and production costsheadwind
The bitcoin price fell in the first half of 2026 compared with the same period of 2025, and the average cost to mine, excluding depreciation, rose in the second quarter because of higher power costs and expansion in Kentucky 23. If the bitcoin price stays low, mining margins could remain thinner.
- AI demand for powermixed
Demand for AI and HPC compute is outpacing energy supply, which gives quickly available power capacity value but exposes the company to delivery delays and permitting risk 13.
Competitive position
In bitcoin mining the company competes with other large public and private miners and with individual miners in pools; success depends on production cost, access to capital and the ability to acquire advanced miners 1. In data centers it competes with established operators and infrastructure providers that have greater financial resources and long-term power commitments 1.
The company says its advantages are an energy portfolio concentrated in the Dallas-Austin corridor of Texas, a strong financial position, low-cost power resources and vertical integration in electrical infrastructure and engineering 1. Miners that diversify into data centers are also direct rivals for land and customers 1.
- Marathon Digital HoldingsMARA
US-listed bitcoin miner, grouped among public mining peers that compete for similar capacity and financing.
- CleanSparkCLSK
US-listed bitcoin miner in the same public mining peer group, with a focus on power capacity and facility expansion.
- Established data center operators
Group of data center operators and infrastructure providers with larger financial resources and long-term power contracts, competing for AI and HPC customers.
- Bitcoin miners diversifying into data centers
Mining companies extending into data center infrastructure, which raises competition for land with electrical transmission access and for customers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Riot Platforms Stock Could Extend Today's RallyYahoo Finance — News · 03 Sept 2026 · EN
- Riot Platforms strikes deal with Anthropic as bitcoin miners shift focus to AI infrastructureCNBC World · 11 Aug 2026 · EN
The latest news item in our archive is from 03 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Termination of a material agreement · Results of operations · Financial statements and exhibits
- Current report14 Oct 2026Material agreement
- Current report07 Oct 2026Item 5.05 · Financial statements and exhibits
- Current report25 Sept 2026Termination of a material agreement
- Current report14 Aug 2026Material agreement · Creation of a direct financial obligation
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Current report15 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Riot Platforms, Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Riot Platforms, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Riot Platforms, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.