Riot Platforms (NASDAQ: RIOT) is a digital infrastructure company that operates large-scale bitcoin mining facilities and is transitioning toward diversified data center services. Revenue comes primarily from bitcoin mined at its facilities in Texas and Kentucky, with a secondary Engineering segment, and the company is pursuing data center tenancy revenue as an additional stream. Riot owns and operates three data center facilities: the Rockdale Facility in Rockdale, Texas (700 MW of developed capacity), the Corsicana Facility in Navarro County, Texas (400 MW developed, targeting approximately 1 GW upon completion), and the Kentucky Facility acquired via the Block Mining acquisition in 2024 (approximately 137 MW of developed capacity). Through December 31, 2025, Riot executed purchase orders under a long-term supply agreement with MicroBT for miners totaling 49.2 EH/s of hash rate at a combined purchase price of approximately $779.5 million. The company operates in two reportable segments: Bitcoin Mining and Engineering, per its 10-K filed March 2, 2026.

Revenue model

Riot generates revenue by mining bitcoin at its owned data center facilities and selling mined bitcoin. A secondary Engineering segment provides additional revenue. The company is in early stages of pursuing third-party data center tenancy revenue, targeting AI and high-performance computing customers.

Products and services

Large-scale bitcoin mining operations using immersion-cooled hardware; data center infrastructure including high-voltage substations and transmission facilities; Engineering segment services; development of data center capacity for potential AI and HPC tenants.

Customers and end markets

Bitcoin network participants (mining rewards as primary revenue driver). Prospective data center tenants in AI and high-performance computing markets are a targeted but early-stage end market, per the 10-K filed March 2, 2026.

Value-chain role

Riot is a vertically integrated bitcoin miner and data center operator. It designs, constructs, and operates its own facilities, procures mining hardware directly from manufacturers, and manages power infrastructure including substations and transmission assets.

Geographic exposure

Operations concentrated in the United States: Rockdale, Texas; Navarro County (Corsicana), Texas; and two sites in Kentucky acquired via the Block Mining acquisition in 2024.

Source: SEC 10-K, filed 2026-03-02

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