The AI data center lease transforms Riot's business model and revenue visibility, but the bitcoin mining segment faces headwinds from lower BTC prices and rising network hash rate. Monitor the Corsicana campus LOI conversion and AMD expansion delivery milestones for further upside. The $573M Morgan Stanley facility covers initial buildout costs, reducing near-term equity dilution risk.
Price Chart
Executive Summary
Riot Platforms reported Q2 2026 revenue of $174.2M (+14% YoY) but a GAAP net loss of $237.2M (EPS -$0.68), driven by non-cash charges and mark-to-market losses on bitcoin holdings. The headline event is a post-quarter 20-year, 191 MW data center lease with a leading frontier AI lab at the Rockdale campus, expected to generate ~$9.1B in total contract revenue, which transforms the company's business model toward AI infrastructure. Bitcoin mining revenue declined 19% YoY to $113.7M due to lower bitcoin prices and higher network hash rate, partially offset by increased hash rate deployment.
Key Financial Metrics
Key Facts
- Total revenue of $174.2M, up 14% YoY from $153.0M
- GAAP net loss of $237.2M vs net income of $219.4M in Q2 2025
- Adjusted EBITDA of -$69.7M vs +$495.3M in Q2 2025
- Bitcoin mining revenue of $113.7M, down 19% from $140.9M in Q2 2025
- Data center revenue of $23.2M, including $4.9M operating lease and $18.3M tenant fit-out services
- Produced 1,587 bitcoin vs 1,426 in Q2 2025; cost to mine $49,912 per BTC
- Ended quarter with $1.2B in liquid assets: 11,380 BTC ($666M) and $548.9M cash
- Post-quarter: signed 20-year, 191 MW data center lease with leading frontier AI lab at Rockdale
- Lease expected to generate ~$9.1B in total initial contract revenue, with potential $16.1B if extensions exercised
- Estimated cumulative NOI of $7.3-$8.2B over base lease term ($365-$411M annually)
- $573M interim financing facility from Morgan Stanley for initial development costs
- Completed delivery of initial 25 MW to AMD on time and on budget; 25 MW expansion under construction
- Engineering revenue of $37.3M, up 253% from $10.6M in Q2 2025; backlog of $177.1M
Financial Impact
Post-quarter 191 MW AI data center lease valued at $9.1B initial contract revenue over 20 years; estimated annual NOI contribution of $365-$411M
Risk Factors
- Execution risk on 191 MW AI data center buildout (initial delivery Dec 2027)
- Bitcoin mining profitability compressed by lower BTC prices and rising network hash rate
- GAAP net loss of $237M driven by non-cash charges and mark-to-market on BTC holdings
- Cost to mine per BTC rose to $49,912 (69.6% of production value) from $48,992 (49.6%) in Q2 2025
- Corsicana campus LOI not yet converted to executed lease
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-093406 |
| Document: 0001104659-26-093406-index.html | 0001104659-26-093406 |
| Document: 0001104659-26-093406.txt | 0001104659-26-093406 |
| 8-K Data (Synthetic) | 0001104659-26-093406 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 6w ago | 8-K | $20.04 $19.70 | ▼ −1.70% | ▲ +0.28% | $19.43 (−3.04%) |
Aug 10, 2026 7w ago | 8-K | $20.24 $22.07 | ▲ +9.04% | ▲ +10.10% | $19.43 (−4.00%) |
Aug 10, 2026 7w ago | Press Release | $20.24 $22.07 | ▲ +9.04% | ▲ +10.10% | $19.43 (−4.00%) |
Aug 9, 2026 7w ago | Press Release | $19.40 $22.78 | ▲ +17.40% | ▲ +18.31% | $19.43 (+0.15%) |
Aug 4, 2026 8w ago | Press Release | $21.50 $18.64 | ▼ −13.33% | ▼ −12.72% | $19.43 (−9.63%) |
Jun 24, 2026 14w ago | Insider Cluster | $27.76 $23.86 | ▼ −14.05% | ▼ −14.58% | $19.43 (−30.01%) |
Apr 30, 2026 22w ago | 8-K | $18.50 $28.25 | ▲ +52.70% | ▲ +47.44% | $19.43 (+5.03%) |
Apr 16, 2026 24w ago | Press Release | $18.11 $24.62 | ▲ +35.95% | ▲ +30.58% | $19.43 (+7.29%) |
Mar 2, 2026 30w ago | Press Release | $15.29 $12.36 | ▼ −19.16% | ▼ −14.76% | $19.43 (+27.08%) |
US Market Status
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