Riot Platforms (RIOT)
Builds power infrastructure for bitcoin mining, AI data centers, and engineered electrical systems.
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Riot owns large blocks of Texas and Kentucky electricity, mostly used so far to mine bitcoin. It is now turning that power into rented data centers for AI — chip designer AMD already moved in, and a leading AI lab has signed up — while its small electrical-equipment arm sells to other data-center builders. Bitcoin still brings in most of the money and swings with its price; the long leases are where Riot is heading.
Item facts: FY2025 + H1 2026 filings, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
5 in detail · 7 more below
Bitcoin Mining
Riot's machines earn bitcoin, which it now sells every month. A single mining pool, which Riot does not name, paid 89.0% of FY2025 revenue. Takings follow the coin's price: Q2 2026 brought $113.7M, down from $140.9M a year earlier.
Competes with Self-mining (MARA Holdings) · Self-mining (CleanSpark) · Self-mining (Bitdeer)
In plain English
Bitcoin exists because computers around the world do an enormous amount of number-crunching to keep its shared ledger running, and the network pays out new coins for that work. Riot fills its sites with specialised machines built only for this, and plugs them into a mining pool — a shared effort run by an outside operator — that pays Riot in bitcoin for the work its machines put in.
Riot sells everything it mines, so two numbers decide the result: the bitcoin price and the electricity bill, the main running cost. The price has sagged since late 2025 and revenue sagged with it. Management calls mining a means to an end: its job is to throw off the cash that helps pay for the data centers.
AMD Lease (Rockdale)
AMD rents 50 megawatts of computer power at Rockdale on a ten-year lease worth $636M over the term, and is Riot's only data-center customer. Most money so far came from one-off equipment installs at thin margins; watch the rent grow as more space is handed over.
Competes with Polaris Forge 1 lease to CoreWeave (Applied Digital) · Data-center leases (Hut 8) · Data-center leases (Bitdeer)
In plain English
Riot's first landlord deal. AMD, the big chip designer, rents space and electricity inside Riot's Rockdale site and tests its own server racks there. Think of Riot as the owner of an apartment block and AMD as a tenant on a ten-year lease, with options to take much more room later.
The money comes in two kinds. Rent is steady and very profitable. Riot also buys and installs AMD's special equipment and bills it back at a small markup — lumpy work that has been most of the revenue so far. Management says each unit of power rented to AMD earns about two and a half times the profit it would make mining bitcoin.
191 MW Data Center Lease with a Leading Frontier AI Lab
A twenty-year, 191-megawatt custom data center for an AI lab Riot won't name; press reports say Anthropic. Nothing is paid until December 2027, and the build costs $2.1–2.3B that Riot must finance and deliver on schedule.
Competes with 20-year Anthropic lease (TeraWulf) · TPU computing capacity (Google) · Cloud computing capacity (Amazon)
In plain English
No rent yet — this building does not exist. Riot has signed a twenty-year lease with a top AI developer, which press reports identify as Anthropic, for a data center made to its specifications on Riot's Rockdale land, where the power is already in place.
Riot borrows most of the building cost, puts up the hall, then collects rent that steps up a little each year. About half the space starts paying in December 2027 and all of it by June 2028. At roughly $457M a year, this one tenant would pay about 70% of Riot's entire 2025 revenue. The risk sits up front: the loans have to close and the building has to get finished.
Corsicana Facility
A gigawatt of approved power on about 900 owned acres, running bitcoin machines today. One tenant has a non-binding deal to take the whole site; turning it into a signed lease is management's stated 2026 priority, with the first building shell targeted for Q2 2027.
Competes with Texas site of up to 2 GW (MARA Holdings) · Polaris Forge 1 campus (Applied Digital) · Self-built TPU campuses (Google)
In plain English
The valuable part is the giant electrical hookup. Management says getting new power in this part of Texas takes four years or more, and Corsicana already has a gigawatt of it approved. Today that power runs bitcoin machines.
The plan is a campus of identical large data-center buildings. One tenant has agreed to take all of it, but only in a non-binding letter — closer to a handshake than a contract — and management itself warns of twists and turns. If it becomes a real lease, management puts the rent above $1B a year once the site is fully built.
Engineering (ESS Metron and E4A Solutions)
Heavy electrical gear and services sold mostly to data-center builders. Outside sales reached $37.3M in Q2 2026 from $10.6M a year earlier, off a small base. The order backlog has eased to $177.1M as Riot keeps factory time for its own builds.
Competes with Switchgear (Schneider Electric) · Switchgear (Eaton) · Switchgear (Siemens)
In plain English
The unglamorous metal boxes that make a big building's electricity safe. ESS Metron builds switchgear — rows of heavy cabinets full of giant circuit breakers that route high-voltage power and cut it off when something goes wrong — plus the units that hand power out to each row of computers. E4A Solutions switches on and maintains substations, the fenced yards that connect a site to the grid.
Other data-center builders are the main buyers, and across the industry this kind of gear now takes a year or more to get. Riot also uses the factory for its own sites, which keeps its builds moving but leaves less room for outside orders.
Bitcoin MiningRiot's machines earn bitcoin, which it now sells every month. A single mining pool, which Riot does not name, paid 89.0% of FY2025 revenue. Takings follow the coin's price: Q2 2026 brought $113.7M, down from $140.9M a year earlier.Riot's machines earn bitcoin, which it now sells every month. A single mining pool, which Riot does not name, paid 89.0% of FY2025 revenue. Takings follow the coin's price: Q2 2026 brought $113.7M, down from $140.9M a year earlier.
In plain English
Bitcoin exists because computers around the world do an enormous amount of number-crunching to keep its shared ledger running, and the network pays out new coins for that work. Riot fills its sites with specialised machines built only for this, and plugs them into a mining pool — a shared effort run by an outside operator — that pays Riot in bitcoin for the work its machines put in.
Riot sells everything it mines, so two numbers decide the result: the bitcoin price and the electricity bill, the main running cost. The price has sagged since late 2025 and revenue sagged with it. Management calls mining a means to an end: its job is to throw off the cash that helps pay for the data centers.
Competes with Self-mining (MARA Holdings) · Self-mining (CleanSpark) · Self-mining (Bitdeer)
AMD Lease (Rockdale)AMD rents 50 megawatts of computer power at Rockdale on a ten-year lease worth $636M over the term, and is Riot's only data-center customer. Most money so far came from one-off equipment installs at thin margins; watch the rent grow as more space is handed over.AMD rents 50 megawatts of computer power at Rockdale on a ten-year lease worth $636M over the term, and is Riot's only data-center customer. Most money so far came from one-off equipment installs at thin margins; watch the rent grow as more space is handed over.
In plain English
Riot's first landlord deal. AMD, the big chip designer, rents space and electricity inside Riot's Rockdale site and tests its own server racks there. Think of Riot as the owner of an apartment block and AMD as a tenant on a ten-year lease, with options to take much more room later.
The money comes in two kinds. Rent is steady and very profitable. Riot also buys and installs AMD's special equipment and bills it back at a small markup — lumpy work that has been most of the revenue so far. Management says each unit of power rented to AMD earns about two and a half times the profit it would make mining bitcoin.
Competes with Polaris Forge 1 lease to CoreWeave (Applied Digital) · Data-center leases (Hut 8) · Data-center leases (Bitdeer)
191 MW Data Center Lease with a Leading Frontier AI LabA twenty-year, 191-megawatt custom data center for an AI lab Riot won't name; press reports say Anthropic. Nothing is paid until December 2027, and the build costs $2.1–2.3B that Riot must finance and deliver on schedule.A twenty-year, 191-megawatt custom data center for an AI lab Riot won't name; press reports say Anthropic. Nothing is paid until December 2027, and the build costs $2.1–2.3B that Riot must finance and deliver on schedule.
In plain English
No rent yet — this building does not exist. Riot has signed a twenty-year lease with a top AI developer, which press reports identify as Anthropic, for a data center made to its specifications on Riot's Rockdale land, where the power is already in place.
Riot borrows most of the building cost, puts up the hall, then collects rent that steps up a little each year. About half the space starts paying in December 2027 and all of it by June 2028. At roughly $457M a year, this one tenant would pay about 70% of Riot's entire 2025 revenue. The risk sits up front: the loans have to close and the building has to get finished.
Competes with 20-year Anthropic lease (TeraWulf) · TPU computing capacity (Google) · Cloud computing capacity (Amazon)
Corsicana FacilityA gigawatt of approved power on about 900 owned acres, running bitcoin machines today. One tenant has a non-binding deal to take the whole site; turning it into a signed lease is management's stated 2026 priority, with the first building shell targeted for Q2 2027.A gigawatt of approved power on about 900 owned acres, running bitcoin machines today. One tenant has a non-binding deal to take the whole site; turning it into a signed lease is management's stated 2026 priority, with the first building shell targeted for Q2 2027.
In plain English
The valuable part is the giant electrical hookup. Management says getting new power in this part of Texas takes four years or more, and Corsicana already has a gigawatt of it approved. Today that power runs bitcoin machines.
The plan is a campus of identical large data-center buildings. One tenant has agreed to take all of it, but only in a non-binding letter — closer to a handshake than a contract — and management itself warns of twists and turns. If it becomes a real lease, management puts the rent above $1B a year once the site is fully built.
Competes with Texas site of up to 2 GW (MARA Holdings) · Polaris Forge 1 campus (Applied Digital) · Self-built TPU campuses (Google)
Engineering (ESS Metron and E4A Solutions)Heavy electrical gear and services sold mostly to data-center builders. Outside sales reached $37.3M in Q2 2026 from $10.6M a year earlier, off a small base. The order backlog has eased to $177.1M as Riot keeps factory time for its own builds.Heavy electrical gear and services sold mostly to data-center builders. Outside sales reached $37.3M in Q2 2026 from $10.6M a year earlier, off a small base. The order backlog has eased to $177.1M as Riot keeps factory time for its own builds.
In plain English
The unglamorous metal boxes that make a big building's electricity safe. ESS Metron builds switchgear — rows of heavy cabinets full of giant circuit breakers that route high-voltage power and cut it off when something goes wrong — plus the units that hand power out to each row of computers. E4A Solutions switches on and maintains substations, the fenced yards that connect a site to the grid.
Other data-center builders are the main buyers, and across the industry this kind of gear now takes a year or more to get. Riot also uses the factory for its own sites, which keeps its builds moving but leaves less room for outside orders.
Competes with Switchgear (Schneider Electric) · Switchgear (Eaton) · Switchgear (Siemens)
Named in filings, launches and programs
- Tenant fit-out servicesServiceInside the AMD lease's revenue: Riot supplies AMD's special equipment at cost plus a thin markup — $18.3M in Q2 2026, lumpy by nature.
- Rockdale Facility (Whinstone US)PlatformThe 700 MW site bought in 2021, land owned outright since late 2025 — home to both leases, with mining on whatever isn't rented.
- Kentucky facilities (Block Mining)PlatformBitcoin mining sites from the 2024 Block Mining purchase; filings put them at roughly 140 to 190 MW.
- Power strategy (curtailment credits)ServiceTexas grid credits for cutting back power use, which trim mining's electricity bill — $56.7M in FY2025, shrinking to $10M in Q2 2026.
- E4A SolutionsBrandInside Engineering: the substation start-up and maintenance firm Riot bought for $52M in December 2024.
- Standard basis of designProduct · Pre-revenueRiot's reusable blueprint for data-center buildings; the standard design now holds 168 MW, up from 112 MW, for the same cost of walls and roof.
- Power pipeline expansionProduct · AnnouncedThe hunt for more power — brand-new sites, power straight from a generator, purchases and partnerships — with more than 100 options weighed so far.
Tenant fit-out servicesService
Inside the AMD lease's revenue: Riot supplies AMD's special equipment at cost plus a thin markup — $18.3M in Q2 2026, lumpy by nature.
Rockdale Facility (Whinstone US)Platform
The 700 MW site bought in 2021, land owned outright since late 2025 — home to both leases, with mining on whatever isn't rented.
Kentucky facilities (Block Mining)Platform
Bitcoin mining sites from the 2024 Block Mining purchase; filings put them at roughly 140 to 190 MW.
Power strategy (curtailment credits)Service
Texas grid credits for cutting back power use, which trim mining's electricity bill — $56.7M in FY2025, shrinking to $10M in Q2 2026.
E4A SolutionsBrand
Inside Engineering: the substation start-up and maintenance firm Riot bought for $52M in December 2024.
Standard basis of designProduct · Pre-revenue
Riot's reusable blueprint for data-center buildings; the standard design now holds 168 MW, up from 112 MW, for the same cost of walls and roof.
Power pipeline expansionProduct · Announced
The hunt for more power — brand-new sites, power straight from a generator, purchases and partnerships — with more than 100 options weighed so far.