Transitioned from a pure-play Bitcoin miner to a data center developer, leveraging a 1.7 gigawatt (GW) portfolio of fully approved, energized power in Texas.

Acquired the Rockdale site's fee simple interest for $96 million, eliminating $130 million in future lease payments and unlocking full development control.

Recruited a veteran data center leadership team with experience across 200+ projects to provide institutional-grade execution for mission-critical infrastructure.

Validated the 'Power First' strategy via a 10-year AMD lease, which generates 2.5x more gross profit per megawatt than Bitcoin mining.

Utilized internal engineering subsidiary ESS Metron to bypass industry-wide supply chain bottlenecks in switchgear and power distribution components.

Maintained Bitcoin mining as a flexible 'highest and best use' baseline for power while systematically converting capacity to higher-margin data center leases.

Expanded the Corsicana footprint to 900 acres to support a contiguous 1 GW campus layout on company-owned land.

Focusing 2026 execution on delivering the remaining 20 megawatts of the initial 25-megawatt AMD deployment by May.

Targeting additional lease announcements in 2026 across hyperscaler, enterprise, and AI segments at both Corsicana and Rockdale sites.

Implementing a capital recycling model where stabilized assets are refinanced with permanent debt to fund higher-return development projects.

Anticipating a valuation rerating as the market shifts from valuing Riot as a miner to a contracted digital infrastructure provider.

Evaluating 'behind-the-meter' power generation opportunities to mitigate future grid interconnection delays and build a durable long-term pipeline.

Reported a $663 million net loss primarily driven by $346.8 million in depreciation and $115.9 million in non-cash Bitcoin mark-to-market adjustments.

Realized $23.2 million in cumulative CapEx savings through vertical integration with ESS Metron since its 2021 acquisition.

Appointed Jason Chung as CFO to consolidate finance and corporate strategy functions, succeeding Colin Yee who remains as a senior adviser.

Settled a contract dispute with Rhodium resulting in a $158.1 million non-cash loss.

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Management noted that delivering the first 5 megawatts within one month of signing validated their internal engineering and manufacturing speed.

The AMD relationship is viewed as a long-term partnership; AMD holds options and rights of first refusal that could reach 200 megawatts at Rockdale.

Riot plans to separate stabilized lease cash flows from development risk to secure lower-cost project finance and private credit.

The funding hierarchy prioritizes Bitcoin treasury sales and non-dilutive debt over equity financing.

Management confirmed that the proposed ERCOT 'batch process' for new loads does not affect Riot because their 1.7 GW of power is already fully approved and energized.

This regulatory environment increases the scarcity value of Riot's existing 'ready-to-use' power compared to greenfield sites facing 4+ year delays.

While the sites allow for multi-tenant flexibility, current interest for the 1 GW Corsicana site is primarily coming from single-tenant hyperscalers.

Proximity to the 'Texas Triangle' (Dallas) is a key driver in attracting high-creditworthy investment-grade tenants who are selective about location.

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