Riot Platforms, Inc. (RIOT)

The company is a vertically integrated digital infrastructure business focused on developing and optimizing large-scale power assets. It deploys that electrical infrastructure across two platforms: Bitcoin mining and scalable data center solutions for non-mining workloads. It aims to use its energy portfolio, engineering capabilities and operational footprint to capture both the long-term potential of bitcoin and growing demand for power-intensive compute. In 2025 it began pursuing data center leasing, using its skills in power optimization, land acquisition, engineering design and construction.

The company reports two segments, Bitcoin Mining and Engineering. Bitcoin Mining had a deployed hash rate of 38.5 EH/s at December 31, 2025, up from 31.5 EH/s a year earlier, and mined 5,686 bitcoin in 2025 versus 4,828 in 2024. It deploys ASIC miners in both air-cooled and immersion-cooled environments and earns rewards through a Full-Pay-Per-Share mining pool arrangement. The Engineering segment designs and manufactures power-distribution equipment and engineered-to-order electrical products. These support the company's own site development and data center buildouts, and are also sold to outside customers. The data center effort includes Data Center Phase I at the Corsicana Facility. In January 2026 the company bought the roughly 200-acre parcel under its Rockdale Facility, previously held under a long-term ground lease, and signed a ten-year lease with Advanced Micro Devices, Inc. (AMD). That lease initially covers 25 MW of critical IT load, with expansion options of up to 75 MW, a right of first refusal on up to 100 MW more, and three five-year renewal options.

On the customer side, the AMD lease is the first named data center tenant, and the company expects its facilities to eventually support diversified data center tenants. Its mining revenue comes from bitcoin rewards earned through mining pools. The Engineering segment serves mainly large-scale industrial and governmental customers across data center, power generation, utility, water, industrial and alternative energy markets.

The company owns and manages data center facilities in Texas and Kentucky. The Rockdale Facility in Texas has 700 MW of developed capacity and is believed to be one of North America's largest bitcoin mining facilities. The Corsicana Facility in Navarro County, Texas, has 400 MW and is expected to reach about 1 GW. The Kentucky Facility, with two sites, came from the 2024 acquisition of Block Mining, Inc.; it has about 137 MW and is targeted to reach about 232 MW through the remainder of 2026. Miners are supplied under a 2023 master agreement with MicroBT, whose miners are manufactured in the United States. Purchase orders through December 31, 2025 total 49.2 EH/s at about $779.5 million, with deliveries expected by the second quarter of 2026 and further purchase options through December 31, 2027. The company competes with public and private bitcoin miners, individual miners in pools, established data center operators and infrastructure providers, and mining peers moving into data centers. It cites its energy portfolio in the Dallas-Austin corridor of Texas, low-cost power, and electrical engineering integration as competitive advantages.