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Riot Platforms
(RIOT ↗)
riotplatforms.com ↗
One of the largest Bitcoin miners in the U.S. — and, increasingly, something else. Riot owns gigawatts of cheap, contracted power, and it's repurposing that footprint into data centers for AI. The bet is huge, the losses are huge, and the earnings swing with the price of Bitcoin. A textbook high-spice company.
Updated · Q1 2026 · March 2026
6
Chapters
~16
Min read
$650M / yr revenue · public since 2017
🌶️🌶️🌶️🌶️
Spice: Ghost (5/5)
More filled = spicier (more aggressive), not "better." Tap a row to see what it means.
What is spice?
Your progress
0 of 6
1
Growth
~3 min
Two Businesses, One Power Plant
Riot looks like a Bitcoin miner. It's quietly becoming an AI landlord. The whole thesis is that pivot.
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2
Financial Health
~3 min
Is This Profit Even Real?
Riot's earnings lurched from +$62M to −$500M in two quarters. The business didn't change that much. Bitcoin's price did.
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3
Moat
~3 min
The Real Asset Is the Power
Anyone can buy mining computers. What's scarce — and what AI desperately needs — is gigawatts of cheap, ready power. That's what Riot actually owns.
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4
Management
~2 min
Betting the Company on a Pivot
Management is steering a profitable-when-Bitcoin-is-high miner into a capital-hungry AI-infrastructure business. That's a bold, bet-the-company call.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
The income statement says *what* happened. The company's own write-up says *why*.
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6
Risk
~3 min
A Real Tailwind Is Not a Safe Company
AI needs power and Riot has it — a genuine tailwind. That still doesn't make Riot safe. This is the whole lesson of the spicy end of the market.
↻ Next update · Jul 31
est. Jul 31, 2026 · Q2 2026 · Riot Investor Relations ↗
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You're reading the 6 opening chapters. After that, every time Riot files a new report, the chapters get updated here.