Today's revenue is mostly mined Bitcoin. The bet for tomorrow is leasing its power to AI.
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✦ The bottom line
Riot sold $647M in 2025, almost all of it from mining Bitcoin — it mined 5,686 coins, up 18%. But the growth story investors are paying for isn't more mining. It's the second business: renting its enormous power and data-center capacity to AI companies.
↓ the brief below
✦ Teach me
Where the money comes from
Riot has two segments. Bitcoin Mining: it runs warehouses of specialized computers that earn newly-created Bitcoin, then sells (or holds) the coins. Data center solutions: it leases its power and buildings to other companies to run their computers — increasingly for AI.
Almost all of today's revenue is mining. The pivot is to make the second business big.
Wall Street calls this
Revenue / segments
When a company's *current* revenue and its *thesis* are two different businesses, you have to value both — the mining you can see today, and the AI bet you can't yet.
Total revenue · fiscal year 2025
$647
M
Almost entirely from mining Bitcoin. Riot mined 5,686 coins in 2025, up 18% from 4,828 in 2024 — even after the 2024 'halving' cut the per-block reward in half.
Source · 10-K · Results of Operations · FY2025 · Filed Mar 2, 2026
Mining more Bitcoin each year is fine, but it's not why the stock moves. The reason Riot is interesting — and risky — is the second business it's building on top of the first: turning its power plants into AI data centers. The clearest evidence isn't a forecast; it's a signed tenant.
First big AI tenant · the AMD lease
10
yr
Riot signed a 10-year lease with AMD for an initial 25 MW of data-center capacity at its Rockdale, Texas facility — with options to expand by another 75 MW. A real, contracted step from 'miner' toward 'AI landlord.'
Source · 10-K · Business — Data Center Operations · FY2025 · Filed Mar 2, 2026
⚠
Two-speed story
A real, growing mining business funding an unproven-but-contracted AI-data-center bet. The thesis lives in the bet, not the mining.