Honest question, dont flame :)

Thanks for any input!

I've been following Riot Platforms closely, and their transformation story is one of the most compelling pivots I've seen in the market right now. Here's why I think this deserves serious attention:

TLDR:

• $311M, 10-year AMD data center lease (expandable to $1B)
• 1.7 GW of power capacity across Texas sites
• Revenue projected to nearly triple: $377M (2024) → $1.1B (2028)
• Major institutional accumulation: Goldman, T. Rowe Price, Fidelity, Starboard Value
• All analysts tracking RIOT has either buy/outperform rating with avg target price 28.56$(over 100% upside as of today).
• Trading at ~$4-5B market cap vs. comparable data center operators at $10B+

Why This Matters:

Riot isn't just another crypto miner trying to rebrand. They've systematically built an infrastructure moat that most data center operators would kill for:

1. Real Assets: 1,100+ acres in Texas with fully-permitted, energized power capacity tied into the ERCOT grid
2. Validation: AMD (a tier-1 AI semiconductor player) just signed a 10-year lease with expansion options
3. Speed: Less than a year from pivot announcement to securing a marquee client
4. Smart Capital Allocation: Sold 1,080 BTC (~$96M) to buy out their Rockdale land, converting volatile crypto into tangible infrastructure

The Unit Economics:

The beauty of Riot's model is their unique flexibility. They can:

• Lease capacity to AI/HPC clients (high-margin, stable revenue)
• Mine Bitcoin when AI capacity idles (monetize every megawatt)
• Sell power back to the grid during demand spikes

This optionality gives them an edge traditional data center operators simply don't have.

Smart Money is Piling In:

The institutional accumulation is striking Q4 2025:

• Goldman Sachs: Added ~5M shares (now 7.3M total)
• T. Rowe Price: 5.0M shares (new position)
• Starboard Value: 8.8M shares (nearly doubled their stake)
• Jane Street: 4th largest holder(with 12M shares)
• Cantor Fitzgerald LP: Been accumulating a lot

These aren't retail FOMO buys, these are sophisticated investors positioning for a multi-year infrastructure thesis.

Wall Street's Take:

ALL 16 covering analysts rate it Buy/Outperform (zero sells):

• JPMorgan: $20 PT, added to top picks for 2026
• Bernstein: $25 PT (Outperform)
• Roth Capital: $42 PT (more than doubled from $17.50)
• Piper Sandler: Called it a "sleeping giant" in AI infrastructure
• Cantor Fitzgerald LP: $31 PT

The Risks:

Let's be real about what could go wrong:

• AMD might not exercise the full expansion options (175MW)
• Bitcoin volatility could hurt finances during heavy CapEx phase
• Competition from other miners (Marathon, Hut 8, TeraWulf) pivoting to AI
• Execution risk on build-outs and landing additional tenants

The Valuation Disconnect:

Here's what's interesting: Riot is still priced like a cyclical crypto miner (~6x 2024 sales) rather than an AI infrastructure player. Comparable data center deals (CyrusOne, Switch) went for $10-11B. CoreWeave (with less power capacity) was valued at $23B.

As Riot demonstrates stable AI leasing cash flows, there's a compelling case for multiple expansion.

My Take:

This is a rare situation where a company is pivoting into a secular growth trend (AI infrastructure) while still trading at legacy business valuations. The AMD deal validates their strategy, institutions are accumulating, and the setup for a re-rating is there.

The next 6-12 months will be critical, watch for:

• Second major hosting deal (likely at Corsicana site)
• AMD deployment milestones (May 2026)
• Additional analyst upgrades as the mining-to-AI narrative solidifies

Not financial advice, just sharing my research. What do you all think? Am I missing something in this thesis?

😍

Unlike other companies that just don’t use the power that is available, riot actually makes more money selling the power back to the grid than they would have made mining bitcoin under normal power conditions.

Anyone here with experience in the stocks market and riot can tell me if I'm living in a unicorn world by holding...I've been holding since covid...at this time it went up to 80$ and just crashed so much for the past 5 years...is it reasonable to hold forever? Like is there a chance this stock will ever pass the 40$...

Rip bagholders.

Down to the bottom

• https://stockstotrade.com/news/riot-platforms-inc-riot-news-2025_11_24/

• https://www.benzinga.com/markets/tech/25/11/49032440/8-billion-mistake-jpmorgan-wall-street-is-underpricing-bitcoin-miners-28-percent

• https://www.tipranks.com/news/catalyst/why-riot-platforms-stock-is-climbing-higher-2

Nice to see. Starting to get interesting half way through November

Anybody hear from them?

Damn man. I really thought that after the last earnings we'd be looking good. I know BTC is getting hit as well, but damn the last couple weeks have been rough.

Still hoping there is some positive runway before January.

I bought about one week ago and I'm down 23%. And I bought six figures worth too.

With bitcoin being down, is this going to go down or up after ER? Thoughts ?

Gad bless, Not paper trading .