Riot Platforms shifts from bitcoin mining to AI infrastructure, targets 45% stock upside.

Riot Platforms is transitioning from primarily bitcoin mining to developing a power-backed AI infrastructure platform, supported by a 10-year lease agreement with AMD for 50 MW. The company’s 2 GW power portfolio and data center expansion position it to benefit from growing AI infrastructure demand limited by power availability. The analyst values Riot at a $29 price target, implying a 45% upside, based on $551 million normalized EBITDA and a 20x forward EV/EBITDA multiple. Key risks include execution delays, slower lease conversions, bitcoin price volatility, and funding challenges.