Riot Platforms (RIOT)
Builds power infrastructure for bitcoin mining, AI data centers, and engineered electrical systems.
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Develops power infrastructure for bitcoin mining and high-performance-computing data centers, earning bitcoin, lease and tenant fit-out revenue, and sales from custom electrical equipment and services. Owned sites, grid connections, and in-house engineering support the platform, while results depend on bitcoin economics, power availability, and data-center construction.
Develops and operates power-intensive digital infrastructure in Texas and Kentucky. Bitcoin Mining earns bitcoin from company-owned fleets; the Data Centers business leases critical IT capacity and performs tenant fit-outs for high-performance-computing customers. Engineering subsidiaries ESS Metron and E4A Solutions make switchgear and power-distribution equipment and provide electrical engineering services.
Combines owned sites and grid interconnections with in-house engineering and construction for mining and data-center builds. Rockdale has long-term leases with AMD and a frontier AI lab, while Corsicana is being developed for additional high-performance-computing capacity.
Revenue remains concentrated in bitcoin mining, tying results to bitcoin prices, network difficulty, block rewards, and power costs. Data-center expansion requires capital, timely construction, and reliable power; both businesses face grid constraints and evolving energy-use and digital-asset regulation.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 11, 2026 | Compass Point | Reiterate | Rating: —Target: — | Target: $29 |
| Aug 11, 2026 | Cantor Fitzgerald | Reiterate | Rating: —Target: $31 | Target: $30 |
| Aug 11, 2026 | Bernstein | Reiterate | Rating: —Target: $22 | Target: $35 |
| Aug 11, 2026 | H.C. Wainwright | Reiterate | Rating: —Target: $25 | Target: $40 |
| Jul 23, 2026 | Morgan Stanley | Initiate | Rating: —Target: — | Target: $36 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $471.4M · Total debt $279.2M · Total assets $3.26B · Shareholders' equity $2.19B
- Revenue
- $174.2M
- Operating income
- −$239.4M
- Net income
- −$237.2M
No dividends on record.
| Institutions | 85.36% | 320.34M shares | |
|---|---|---|---|
| 513 holders · as of Jun 30, 2026 | |||
| Insiders | 0.39% | 1.46M shares | |
| 9 holders · as of Aug 7, 2026 | |||
| Other | 14.25% | 53.46M shares | |
| remainder | |||
375.26M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 8.52% | 31.98M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.79% | 21.73M | as of Jun 30, 2026 |
FMR LLCInstitution | 5.24% | 19.65M | as of Jun 30, 2026 |
Situational Awareness LPInstitution | 4.56% | 17.10M | as of Jun 30, 2026 |
Jane Street Group, LLCInstitution | 4.48% | 16.83M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 5, 2026 | Ryan D. Werner | officer: SVP, CAO | −47,733 | $22.23 |
| Jul 7, 2026 | Ryan D. Werner | officer: SVP, CAO | −17,828 | $21.52 |
| Jun 22, 2026 | Ryan D. Werner | officer: SVP, CAO | −25,375 | $30.00 |
| Jun 22, 2026 | Jason Les | director, officer: CEO | −62,703 | $30.09 |
| May 27, 2026 | Ryan D. Werner | officer: SVP, CAO | −37,616 | $26.50 |
- MARA
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- CleanSpark
Pure-play US Bitcoin miner, 50 EH/s, industry-leading fleet efficiency.
- Core Scientific
$10B+ contracted AI revenue; foremost miner-to-AI colocation pivot in the US.
- IREN
Scale peer in Bitcoin mining (~36 EH/s), AI cloud; running a parallel HPC pivot.
- Bitdeer
No.2 public Bitcoin miner globally; proprietary SEALMINER ASIC manufacturer.
- Hut 8
Power-first infrastructure platform; mining via ABTC, AI data centers direct.
- Cipher Digital
Texas miner-to-HPC developer; AWS and Fluidstack/Google HPC leases, 600 MW.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Riot Platforms | $24.46 | +1.16% | $9.14B | — | — | 13.6 | +13.9% |
| MARA | $13.37 | +0.68% | $5.06B | — | — | 6.3 | −26.7% |
| CleanSpark | $14.67 | −0.61% | $3.79B | — | — | 5.6 | −30.5% |
| Core Scientific | $18.57 | +1.12% | $5.90B | — | 807.4 | 13.4 | +108.8% |
| IREN | $48.29 | +2.24% | $16.85B | — | — | 23.8 | −26.8% |
| Bitdeer | $13.15 | +0.04% | $3.07B | — | — | 3.8 | +47.1% |
| Hut 8 | $106.81 | +3.28% | $11.64B | — | — | — | +81.4% |
| Cipher Digital | $19.01 | +0.58% | $7.73B | — | — | 40.5 | −43.0% |
| Median | — | 807.4 | 9.8 | −26.7% |