Riot Platforms

Overview

Riot Platforms (NASDAQ: RIOT), headquartered in Castle Rock, Colorado, is a large-scale North American Bitcoin miner operating two flagship campuses in Texas: Rockdale (700 MW) and Corsicana (400 MW). CEO Jason Les leads the company.

Strategic pivot to AI/HPC data center operator (2026)

On the Q1 2026 earnings release (April 30, 2026), Les described the quarter as "a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator."

Key developments:

• AMD AI/HPC tenancy at Corsicana. AMD doubled its contracted capacity at the Corsicana campus from 25 MW to 50 MW, establishing Riot's first material non-Bitcoin revenue line.
• Terrestrial Energy MOU. Post-quarter, Riot signed a memorandum of understanding with Terrestrial Energy to co-locate Integral Molten Salt Reactor (IMSR) nuclear units alongside AI/HPC data centers. The framework contemplates multiple 390 MW reactors scaling to roughly 4 GW of nuclear-powered AI capacity across sites in Texas and Kentucky.
• Capital reallocation. Riot sold 3,778 BTC for $289.5 million during the quarter to fund the data center buildout, while continuing to self-mine 1,473 BTC.

Q1 2026 financials

• Revenue: $167.2 million, with the new data center segment contributing $33.2 million (~20%), the first quarter of material non-mining revenue.
• Bitcoin mining remains the cash-generating foundation of the business while capacity is converted to higher-value HPC/AI hosting.

Capex direction

New capital is flowing to AI/HPC buildout at Corsicana and exploratory nuclear-AI development with Terrestrial Energy. Bitcoin mining is being treated as a cash flow source to fund the data center transition rather than a growth area for incremental hashrate.