Riot Platforms shifts to data center landlord with $9.8B lease deals amid rising AI energy demand

Riot Platforms is transitioning from a Bitcoin treasury model to becoming a data center landlord, leveraging 1.7 GW of approved power capacity in Texas to meet growing AI energy needs. The company has secured $9.8 billion in contracted lease revenue through 2048, with key tenants like AMD and an unnamed AI lab. Most earnings are expected after 2027, making the company's valuation dependent on contracted net operating income and potential from unleased capacity, especially the 1 GW Corsicana site. The investment rating is Buy, downgraded from Strong Buy, due to execution risks and delayed cash flow, while Bitcoin price volatility still affects the stock.

Riot Platforms trades at USD 19.63 on Pluang as of Oct 02, 2026 09:21 WIB, down 2.58% in the last day. Despite the recent dip, the stock maintains a market cap of $7.56 billion and a strong buy interest with 77% of Pluang orders favoring purchases. This trading activity highlights ongoing investor engagement even as the company shifts its business model and faces execution risks noted in the news.