Riot Platforms

What Riot Platforms does

Riot Platforms, Inc. (NASDAQ: RIOT) is a US-based digital infrastructure company operating Bitcoin mining facilities in Texas and Kentucky alongside engineering subsidiaries ESS Metron (Denver) and E4A Solutions (Houston) that provide electrical switchgear engineering and fabrication. The company is pivoting from pure-play cryptocurrency mining toward large-scale data center hosting for AI and high-performance computing (HPC) tenants, anchored by a 10-year lease with AMD for 50 MW of capacity (expandable to 200 MW) at its Rockdale, Texas campus. Its flagship data center development is the Corsicana, Texas campus, designed for 756 MW with a long-term 1 GW target and a $400 million expansion project running April 2026 through May 2028. Riot also holds 15,679 BTC in treasury (~$1.1 billion) and reported Q1 2026 revenue of $167.2 million including inaugural data center hosting revenue of $33.15 million.

The company's core technology is a high-density electrical infrastructure platform enabling power-dense compute operations. Proprietary capabilities include the S.U.R.E. Power (Stability/Sustainability, Utilization, Reliability, Endurance) data center platform and vertically integrated switchgear engineering through ESS Metron and E4A Solutions. Riot holds 2 GW of total potential power capacity across Texas, Kentucky, and Colorado, with 1.7 GW accessible in Texas by year-end 2026, and operates within ERCOT's Large Flexible Load registration, earning $30.6 million in Q3 2025 curtailment credits alone. Its operating geographies are domestic US, with engineering and engineering-subsidiary operations in Colorado and Texas in addition to its Texas and Kentucky data center and mining sites.

Riot monetizes through three revenue streams: (1) long-term contracted data center hosting and HPC lease revenue (the AMD lease is $636 million in total contract value, with 91% early-stage gross margins and projected $204 million annual NOI at full AMD expansion), (2) self-mined Bitcoin sold directly to institutional custodians such as NYDIG and on exchanges (1,473 BTC produced in Q1 2026 at $44,629 average cost per coin, generating $111.9M in mining revenue), and (3) engineering services through ESS Metron and E4A Solutions. Its go-to-market is direct enterprise field sales targeting hyperscalers and AI/HPC tenants for co-location, complemented by Wall Street analyst coverage and investor relations as primary demand generation channels. Total liquidity stands at approximately $1.5 billion, supplemented by a $500 million ATM offering program established in December 2025.

Name

Riot Platforms

Legal name

Riot Platforms, Inc.

Website

https://riotplatforms.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Riot Platforms (NASDAQ: RIOT) operates Bitcoin mining facilities in Texas and Kentucky alongside engineering subsidiaries, pivoting toward large-scale AI and HPC data center hosting. The company serves hyperscale tenants such as AMD under long-term power-dense colocation leases, leveraging 2 GW of pre-secured US power capacity and integrated electrical engineering capabilities.

Ownership category

akta.pro rank

Product category

Bitcoin Mining and Data Center Infrastructure

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518), Computer Systems Design and Related Services (54151)

SIC

Electronic Computers (3571), Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Computer Peripheral Equipment, Nec (3577)

akta.pro primary industry

Mining Hosting, Colocation & Managed Facilities (FSADAOAE)

akta.pro secondary industries

Cloud Mining & Hashrate Marketplace Services (FSADAOAC), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)

Keywords

• Bitcoin mining
• Data center hosting
• AI infrastructure
• HPC colocation
• Electrical engineering services

Headquarters

HQ city

Castle Rock

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Technology or R&D, Personnel, Supply Chain

Revenue model

1. Data Center Hosting / HPC Lease Revenue: Long-term contracted lease revenue from hyperscalers and AI companies co-locating at Riot's data center facilities. AMD occupies 50 MW at the Rockdale, Texas campus under a 10-year lease worth approximately $636 million in total contract revenue, with options to expand up to 200 MW. Early-stage data center gross margins near 91% with projected annual NOI of $204 million at full AMD expansion. This is Riot's fastest-growing and highest-margin revenue stream as the company pivots from Bitcoin mining.
2. Bitcoin Mining: Self-mining Bitcoin through proprietary ASIC hardware at facilities in Texas and Kentucky. Riot produced 1,473 Bitcoin in Q1 2026 at an average cost of $44,629 per coin. This revenue stream has been declining in importance as the company pivots to data center operations, with mining revenue declining nearly 22% YoY to $111.9 million in Q1 2026. Riot holds Bitcoin treasury of approximately 15,679 BTC.
3. Engineering Services (ESS Metron & E4A Solutions): Electrical switchgear engineering and fabrication services provided through ESS Metron and E4A Solutions subsidiaries, with operations in Denver and Houston. These engineering capabilities support both internal infrastructure development and external customers.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Riot Platforms operates large-scale Bitcoin mining and provides data center hosting services for high-performance computing (HPC) and AI workloads. The company leverages its substantial power portfolio and integrated electrical engineering capabilities to deliver turnkey infrastructure solutions to enterprise customers while mining Bitcoin at its own facilities.

Product overview

Riot Platforms operates as a digital infrastructure company offering two core service lines: Bitcoin Mining Operations and Data Center Hosting Services. The company owns and operates Bitcoin mining facilities in Texas and Kentucky, while simultaneously expanding into large-scale data center development for AI and HPC workloads. Supporting these core operations are engineering subsidiaries ESS Metron (electrical switchgear) and E4A Solutions. The company is pivoting from pure Bitcoin mining toward becoming a full-scale AI data center host, anchored by partnerships with AMD for high-performance computing infrastructure at its Rockdale and Corsicana facilities.

Differentiator

Problem solved

Functional benefit

Brands

• ESS Metron: Electrical engineering and switchgear solutions subsidiary
• E4A Solutions

Products and services

• Bitcoin Mining Operations

Quantifiable outcome

• 91% early-stage data center gross margins; $204M projected annual NOI at full AMD expansion
• +5 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Terrestrial EnergycoreStrategic or Co-development Partner · 6 May 2026Riot Platforms and Terrestrial Energy signed a Memorandum of Understanding to co-develop nuclear-powered large-scale data center projects. The partnership targets up to 4 GW of combined nuclear power capacity using Terrestrial Energy's 390 MW Integral Molten Salt Reactor (IMSR) technology, co-located with Riot's data center projects for AI and HPC applications. Candidate sites include existing Riot facilities in Texas and Kentucky. The collaboration combines Terrestrial Energy's nuclear plant design expertise with Riot's data center development capabilities.
• AMDcoreTechnology or Integration · 1 May 2026AMD exercised an option to double its contracted capacity with Riot at the Rockdale, Texas data center campus to 50 MW under a 10-year lease (expanded from original 25 MW), with further expansion options up to 200 MW. The expanded lease is expected to generate approximately $325 million in additional base rent, bringing total contract value to ~$636 million. This is Riot's first investment-grade tenant and validates Riot's strategic pivot from crypto mining toward AI data center operations.
• Block Mining Inc.minorOthers · 23 July 2024Riot Platforms acquired Kentucky-based Block Mining Inc. for $92.5 million in cash and stock. The acquisition increased Riot's Bitcoin mining capacity by 60 MW and added an existing facility near Paducah, Kentucky with plans to scale to 110 MW. The deal included potential additional payments linked to capacity expansion and power purchase agreements.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/RiotPlatforms
• Facebookfacebook.com/riotPlatformsinc
• LinkedInlinkedin.com/company/riot-platforms

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds6 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Riot Platforms