Riot Platforms (RIOT) Stock Forecast 2026-2030: After the $28B AI Lease

Last Updated: November 4, 2026

Quick Answer: Riot Platforms (NASDAQ: RIOT) reported third-quarter 2026 results on November 4 and signed the largest lease in its history: a 15-year lease of 910 MW of critical IT capacity at its Corsicana, Texas campus with “a leading Frontier AI Lab,” worth about $28 billion over the initial term, or about $1.8 billion of average annual rent. Riot has now leased 1,151 MW with about $38 billion of long-term contracted revenue. Q3 revenue was $181.4 million and net income $4.0 million. RIOT closed at $14.02 on November 3, up 18.4% ahead of the report, and was quoted at about $13.28 in premarket trading on November 4 (StockTitan, read at 13:47 UTC). The average analyst target was $29.27 before the report (MarketBeat, November 2).

Key Takeaways:

• Q3 2026 results: revenue rose 1% to $181.4 million (data center $18.4 million, bitcoin mining $116.0 million, engineering $47.0 million); net income was $4.0 million, against $104.5 million a year earlier, and Adjusted EBITDA was $191.3 million
• Corsicana lease: 15 years, 910 MW of critical IT capacity on the whole 332-acre campus, about $28 billion of rent over the initial term and about $54 billion if both five-year extensions are used; delivery in three phases from September 2027 to July 2028
• Same tenant as Rockdale: Riot says the Corsicana tenant is the same Frontier AI Lab that signed the 191 MW, $9.1 billion Rockdale lease in August; Bloomberg reported in August that the Rockdale tenant is Anthropic, and Riot has not named it
• Contracted so far: 1,151 MW (AMD 50 MW, Rockdale 191 MW, Corsicana 910 MW) and about $38 billion of long-term contracted revenue; Riot expects more than $2 billion of average annual net operating income at full deployment
• Bitcoin and cash: Riot sold 20,264 BTC in the first nine months of 2026 for about $1.5 billion, mainly to fund data center development, and held 2,418 BTC and $748.2 million of cash on September 30; it repaid and ended its $200 million Coinbase credit facility and raised no equity in 2026
• Price and analysts: $14.02 at the November 3 close, a market value of about $5.26 billion; the 52-week range is $11.50 (March 30) to $30.32 (June 22); the Moderate Buy consensus and $29.27 average target date from November 2, before the Q3 report

Riot Platforms spent 2026 turning from a bitcoin miner into a data center landlord. In January it signed its first lease, with AMD. In August it signed a 20-year, 191 MW lease at Rockdale that it values at about $9.1 billion of base rent. On November 4 it added a 910 MW, roughly $28 billion lease at Corsicana with the same AI lab. In February, activist investor Starboard Value had argued that the AI opportunity alone could be worth $9 billion to $21 billion of equity value.

The stock closed at $14.02 on November 3.

That gap, about $38 billion of contracted revenue against a market value of about $5.3 billion, is the central tension in every RIOT thesis right now. Almost all of the new rent starts between September 2027 and July 2028, the construction has to be financed first, and Riot reported a net loss of $733.6 million for the first nine months of 2026 while selling most of its bitcoin to pay for the build.

This analysis lays out the verified numbers, the analyst targets with their dates and the main risks, without pretending either the bull case or the bear case is simple.

Disclaimer: This is informational analysis only, not investment advice. RIOT is highly volatile and closely tied to the bitcoin price. Consult a qualified financial advisor before any investment decision.

From Riot Blockchain to Riot Platforms: The Identity Shift

People who have followed this stock for years will remember when it was called Riot Blockchain, a name the company adopted in 2017 when the former biotech business pivoted to bitcoin. On January 3, 2023, it dropped “Blockchain” from its name and became Riot Platforms, as Bloomberg and The Block reported at the time.

The second rename was the more substantive signal. Bitcoin mining at scale is an infrastructure business: it needs cheap power, large sites, electrical engineering and industrial cooling. Those are the same assets AI data centers need, and grid connections at that scale are hard to get. Riot now describes itself as “a Bitcoin-driven industry leader in the development of large-scale data centers and bitcoin mining applications.” Note which comes first in that description these days. It is not mining; it is data centers.

Riot is based in Castle Rock, Colorado. Jason Les is chief executive, Benjamin Yi is executive chairman, and Jason Chung is chief financial officer, following a CFO transition Riot announced on January 2, 2026. Besides mining and data centers, Riot runs an Engineering segment that designs and manufactures power distribution equipment and custom engineered electrical products. Our guide on how to mine bitcoin explains the mining side of the business.

That reframing is either prophetic or premature. The numbers below show how far it has come.

FY2025 in Full: Record Revenue, Record Loss

Riot’s full-year 2025 results, reported March 2, 2026, are a study in contrasts. The headline revenue is impressive. The bottom line is the honest problem.

FY2025 highlights:

• Revenue: $647.4 million, a record, up 72% from $376.7 million in 2024
• Bitcoin mining revenue: $576.3 million, up from $321.0 million
• Engineering revenue: $64.7 million, up from $38.5 million
• Bitcoin produced: 5,686, up from 4,828
• Cost to mine one bitcoin, excluding depreciation: $49,645, up from $32,216
• Bitcoin held at December 31, 2025: 18,005 BTC, about $1.6 billion at $87,498 per bitcoin, of which 3,977 were held as collateral
• Cash: $309.8 million, of which $76.3 million was restricted
• Adjusted EBITDA: $13.0 million, down from $463.2 million
• Net loss: $663.2 million, after net income of $109.4 million in 2024

The $663 million net loss is the number that stops every RIOT bull mid-sentence. Revenue grew 72% and the company still lost money. Most of the loss came at the end of the year: the full-year figure, minus the results of the first three quarters, implies a fourth-quarter net loss of about $691 million.

Two pressures show up in Riot’s own numbers. First, the cost to mine one bitcoin rose 54%, excluding depreciation. Since the April 2024 halving, each block pays 3.125 BTC, so the whole industry is running harder for a smaller prize. Second, Riot carries its bitcoin at fair value, so moves in the bitcoin price flow straight into reported profit and loss.

Meanwhile, the data center business was not yet producing revenue: Riot’s first lease, with AMD, started generating revenue in January 2026. The market wanted to see data center revenue before giving credit for data center value. That is not irrational. It is a reasonable demand for evidence.

Q3 2026: The Numbers That Matter Right Now (Reported November 4)

Riot published its third-quarter 2026 results before the market opened on November 4 (GlobeNewswire, 7:30 a.m. ET) and discussed them on a conference call at 8:00 a.m. ET. The release was also filed with the SEC as Exhibit 99.1 to a Form 8-K.

Q3 2026 highlights (three months to September 30, versus Q3 2025):

• Total revenue: $181.4 million, up 1% from $180.2 million, and above the consensus of about $160.4 million MarketBeat listed before the report
• Data center revenue: $18.4 million, made up of $7.7 million of base rent, $0.5 million of variable lease revenue and $10.2 million of tenant fit-out reimbursement; it was the first full quarter with the stabilized 25 MW delivered to AMD
• Bitcoin mining revenue: $116.0 million, down from $160.8 million, as the average bitcoin price Riot realized fell to $70,855 from $114,361
• Engineering revenue: $47.0 million, up from $19.1 million
• Net income: $4.0 million, against $104.5 million a year earlier (MarketBeat’s pre-report consensus had expected a loss of about $0.34 per share)
• Adjusted EBITDA: $191.3 million, against $197.2 million a year earlier
• Bitcoin produced: 1,637, up from 1,406
• Cost to mine one bitcoin, excluding depreciation: $39,265, down from $46,324, helped by $24.7 million of power curtailment credits ($15,067 per bitcoin mined); including depreciation it was $78,805
• Cash and bitcoin: $950.2 million on September 30, made up of $748.2 million of cash ($79.2 million restricted) and 2,418 BTC worth about $202.0 million at $83,554

For the first nine months of 2026, Riot reported a net loss of $733.6 million and Adjusted EBITDA of negative $189.9 million, after the large first- and second-quarter losses.

The prior quarter, Q2 2026 (reported August 10): revenue of $174.2 million, up 14%, including $23.2 million from data centers; a net loss of $237.2 million ($0.68 per share); Adjusted EBITDA of negative $69.7 million; 1,587 bitcoin produced at a cost of $49,912 each, excluding depreciation; and 11,380 BTC plus $548.9 million of cash on June 30. On the August 10 call, Riot put its deployed hashrate at 44.4 EH/s, about 4.6% of the global network, according to a GuruFocus summary of the call. The first quarter (reported April 30) showed revenue of $167.2 million and a net loss of $500.5 million.

Riot has sold most of its bitcoin. In the first nine months of 2026 it sold 20,264 BTC for about $1.5 billion, mainly to fund data center development, while producing 4,697. That implies about 10,599 BTC sold in the third quarter alone, taking holdings from 11,380 on June 30 to 2,418 on September 30, down from 18,005 at the end of 2025. Riot also repaid in full and terminated its $200 million Coinbase credit facility, which released all the bitcoin pledged under it, and said it raised no equity in 2026. CEO Jason Les said Riot does “not currently anticipate issuing equity to fund our announced projects.”

How the stock moved: RIOT rose 18.4% on November 3 to close at $14.02, ahead of the report. After the 7:30 a.m. ET release, the shares traded on both sides of that close in premarket trading, between about $13.14 and $14.24, and then turned lower; StockTitan’s delayed quote, read at 13:47 UTC (8:47 a.m. ET), showed about $13.28, down about 5% from the November 3 close. Regular trading opens at 9:30 a.m. ET.

What the release did not update: the status of AMD’s 10 MW phase that Riot had said was on track for November 2026, the replacement of the $573 million interim loan for Rockdale that matures on December 31, 2026, and the deployed hashrate. Those are the next items to watch on the call and in the Form 10-Q.

The Starboard Thesis: $9 Billion to $21 Billion in AI Value

On February 18, 2026, activist investor Starboard Value sent a letter to CEO Jason Les and Executive Chairman Benjamin Yi that became one of the most discussed documents in Riot’s investor community.

The core argument: Riot’s Texas sites have the one thing that is hard to build quickly right now, power connectivity at scale, and could be worth far more as AI and high-performance computing (HPC) data centers than as bitcoin mines.

Starboard’s math, from the letter:

• AI and HPC could add $9 billion to $21 billion of equity value, which Starboard said would “dwarf” Riot’s market value at the time
• Its model assumed about 1,700 gross MW, or about 1,133 MW of critical IT capacity, generating more than $1.6 billion of annual EBITDA, valued at 12.5 to 20 times EBITDA after about $11.5 billion of capital spending
• Including net cash, Starboard valued Riot at $23 to $53 per share
• It called the AMD lease “a small proof of concept deal” and urged “a renewed sense of urgency”
• It cited TeraWulf, Cipher Mining, Hut 8 and Applied Digital as companies that had already announced AI and HPC deals, and said Riot could become a consolidation candidate if execution proved difficult

These are an activist investor’s estimates, not independent forecasts. RIOT traded around $15.40 when the letter was published, The Block reported.

What has happened since: Riot has done the kind of deal Starboard asked for, and more. With the 191 MW Rockdale lease in August and the 910 MW Corsicana lease on November 4, it has leased 1,151 MW of critical IT capacity, slightly more than the roughly 1,133 MW in Starboard’s model, and it expects more than $2 billion of average annual net operating income at full deployment, above the $1.6 billion of EBITDA Starboard modeled. Even so, Riot’s market value of about $5.26 billion at the November 3 close is below the low end of Starboard’s range for the AI business alone. That shows how much the market still discounts execution, financing, tenant concentration and bitcoin risk. The same shift is spreading across the sector, as Genesis Digital’s conversion of crypto mining sites to AI shows.

The AMD Deal and the Rockdale and Corsicana AI Leases: Concrete Numbers Behind the Thesis

Riot’s three data center leases give its AI pivot a credibility anchor that purely aspirational positioning would not have.

AMD (announced January 16, 2026):

• 25 MW of critical IT capacity at Rockdale, delivered in two phases, 5 MW in January and 20 MW in May 2026, “on time and on budget,” Riot said
• 10-year initial term with about $311 million of expected contract revenue, and three five-year extension options that would lift the total to about $1.0 billion
• A retrofit cost of $89.8 million ($3.6 million per MW) and expected average net operating income of about $25 million a year
• In April, AMD exercised 25 MW of its expansion option (10 MW due in November 2026 and 15 MW in May 2027), taking it to 50 MW; it holds another 50 MW of reserved expansion capacity and a conditional first right to 100 MW more, for up to 200 MW in total
• At the same time, Riot bought the 200 acres under the Rockdale site, which it had previously leased, for $96.0 million

The Rockdale AI lab lease (announced August 10, 2026), still in place:

• 191 MW of critical IT capacity at Rockdale, for a tenant Riot describes only as “a leading frontier AI lab”; Bloomberg reported that the tenant is Anthropic, and CNBC headlined it as an Anthropic deal
• A 20-year term from full deployment, expected in June 2028, running to June 2048, with two five-year renewal options
• About $9.1 billion of base rent over the initial term, or about $16.1 billion if both renewals are used; Riot estimates cumulative net operating income of $7.3 billion to $8.2 billion, or $365 million to $411 million a year
• Delivery in two phases: 96 MW in December 2027 and the full 191 MW by June 2028
• A development cost of about $2.1 billion to $2.3 billion, roughly $11 million to $12 million per IT MW, according to Riot’s August call
• A $573 million senior secured delayed-draw term loan, with Morgan Stanley as administrative agent, funds long-lead equipment; it pays interest at SOFR plus 2.75%, matures on December 31, 2026 and, apart from customary exceptions, has no recourse to Riot Platforms itself, according to an August 14 filing

The Corsicana AI lab lease (announced November 4, 2026):

• A 15-year triple-net powered land lease for 910 MW of critical IT capacity on the entire 332-acre Corsicana campus, with the same Frontier AI Lab that signed at Rockdale, Riot said; rent is payable on the full 910 MW regardless of utilization
• About $28 billion of total contract value over the initial term, or about $1.8 billion of average annual rent including escalators; about $54 billion if both five-year extension options are exercised
• An estimated net operating income margin of about 99%, or about $1.8 billion of average annual NOI over the initial term
• Delivery in three phases: 400 MW in September 2027, 200 MW in January 2028 and 310 MW in July 2028; rent on each phase starts no later than 60 days after the powered pads are delivered
• A development cost of about $6 million per IT MW, or about $5.5 billion in total: Riot funds $2 million per IT MW for site work and electrical infrastructure, and the remaining $4 million per IT MW is reimbursed to the tenant in phases once each phase is delivered and paying rent; Riot puts the implied unlevered yield on cost at about 33%
• The reimbursements are expected to be funded with non-recourse project debt sized to the contracted rent; if such financing is not available on comparable terms, the tenant funds them and recovers the amount as a credit against rent over the rest of the term
• The tenant will procure, install, own and operate the compute equipment on the powered pads

CEO Jason Les called Corsicana “the largest lease in Riot’s history.” In August he had said the Rockdale lease “marks a defining moment in our evolution into a leading developer of large-scale data centers.” Together, the three leases cover 1,151 MW and about $38 billion of long-term contracted revenue, by Riot’s count, up from 241 MW and about $9.8 billion before Corsicana. When the Rockdale lease was announced, RIOT closed down 5.5% on August 10 and then rose about 25% in after-hours trading to $24.30, The Block reported.

The gap between the contracts and the share price comes down to timing and funding: almost all of the new rent starts between September 2027 and July 2028, while the construction bill arrives first.

What Are Riot’s AI Data Center Plans for Rockdale, Corsicana and Kentucky?

Riot describes its sites as a “nearly two-gigawatt power portfolio” (full-year 2025 release). After the Corsicana lease, the picture looks like this:

Rockdale hosts the first two leases; AMD’s capacity and the 191 MW project share the campus, which Riot now owns, with bitcoin mining. The $9.1 billion lease announced in August still stands, and the November 4 release confirmed it is with the same Frontier AI Lab as Corsicana.

Corsicana turned from a non-binding letter of intent into a signed lease. In August, Riot had described a letter of intent with a single prospective tenant for the entire campus, which could support up to about 756 MW of critical IT capacity and more than $1 billion of annual rent, Les said at the time. The signed lease is larger on both counts: 910 MW and about $1.8 billion of average annual rent. The release did not say what happens to Riot’s bitcoin mining at Corsicana as the phases are delivered.

Kentucky remains a bitcoin mining operation; Riot linked part of the rise in its Q2 cost to mine to the Kentucky expansion.

Funding the build: at Rockdale, Riot expected spending to ramp up in the second half of 2026, peak in the first half of 2027 and continue into early 2028, and it plans to replace the $573 million interim loan with longer-term financing. At Corsicana, Riot’s own share is $2 million per IT MW, about $1.8 billion for 910 MW, which it expects to fund from existing liquidity, while the tenant reimbursements are to be funded with non-recourse project debt. Riot held $950.2 million of cash and bitcoin on September 30.

RIOT Key Data (November 2026)

Sources: Riot’s Q3 2026 results release (SEC Form 8-K, Exhibit 99.1, filed November 4, 2026); November 3 close as reported by GuruFocus and StockTitan; StockTitan delayed quote (read 13:47 UTC, November 4); CNBC quote data (November 2); Riot’s Q2 2026 results release, Q2 2026 Form 10-Q and full-year 2025 release; MarketBeat analyst data (November 2, 2026). Riot’s investor relations site carries all filings and releases.

How Does Bitcoin’s Price Affect RIOT Stock?

This point is worth making directly before the forecasts, because many investors come to RIOT expecting it to track bitcoin closely.

Bitcoin still drives most of Riot’s revenue today. Mining produced $116.0 million of Riot’s $181.4 million of Q3 2026 revenue, about 64%, and that figure fell about 28% from a year earlier because the average bitcoin price Riot realized dropped from $114,361 to $70,855. The treasury matters less than it did: after selling 20,264 BTC this year, Riot held only 2,418 BTC on September 30, worth about $202.0 million, so bitcoin’s price now moves the balance sheet far less than at the end of 2025, when Riot held 18,005 BTC.

Miners have a structural problem that gets more acute over time. They are leveraged to bitcoin on the way up, but their costs (power, hardware, salaries, depreciation) do not fall when the network gets more competitive. The bitcoin halving of April 2024 cut the block reward from 6.25 to 3.125 BTC. Riot’s cost to mine one coin was $39,265 in Q3 2026, excluding depreciation, but that figure included $15,067 per bitcoin of power curtailment credits, and including depreciation it was $78,805. Bitcoin traded at about $78,300 on CoinMarketCap at 13:49 UTC on November 4, 2026, down about 9% over 30 days. The next halving, expected in 2028, will cut the reward again, to 1.5625 BTC.

In 2026, the link has loosened. Bitcoin is down about 11% from the $87,498 Riot used to value its holdings at the end of 2025, while RIOT’s November 3 close of $14.02 is about 11% above its 2025 close of $12.67 (TIKR), after trading between $11.50 and $30.32 over the past 52 weeks. Data center news now moves the stock as well, and the long-term leases, once delivered, are meant to produce rent that does not depend on the bitcoin price. With a beta of 3.92 (CNBC), RIOT swings far more than the broad market. Our live bitcoin price page and Bitcoin price prediction track the other half of the equation.

RIOT Stock Forecast 2026

We do not publish our own price targets. The figures below are published analyst targets, each with its source and date. We found no target changes published after the November 4 report at the time of writing; revisions usually follow within days.

According to MarketBeat on November 2, 2026, the 20 analysts rating Riot have a consensus of Moderate Buy (1 sell, 2 hold, 15 buy and 2 strong buy ratings) and an average 12-month price target of $29.27, about 109% above the November 3 close of $14.02. The highest target is $40 and the lowest is $19. The average was $31.03 a month earlier, $27.34 three months earlier and $24.41 a year earlier.

Source: MarketBeat analyst ratings, read November 2, 2026. The Keefe, Bruyette & Woods change comes from a TipRanks report and was not yet in MarketBeat’s list, which still showed the firm’s earlier $35 target. Weiss Ratings reiterated a Sell (D-) rating on October 30. All of these targets predate the Corsicana lease. Not financial advice.

Targets rose after the August lease and were cut from mid-October, as the shares fell about 38% between September 30 and October 23, according to TIKR, and then to $11.84 on November 2. Piper Sandler’s $19 is the lowest target, while HC Wainwright and BTIG are at the top with $40.

The most immediate question is how analysts revise their targets after the November 4 report, which added 910 MW and about $28 billion of contracted rent but also showed a much smaller bitcoin treasury. The revisions will show whether they treat the Corsicana lease as a change in the thesis or mainly as more construction to finance.

RIOT Stock Forecast 2027-2030

Analyst price targets cover the next 12 months, and we found no dated 2030 price target from a major brokerage. What can be dated is the contract schedule Riot has disclosed:

• November 2026: AMD’s third phase, 10 MW, is due
• May 2027: AMD’s fourth phase, 15 MW, takes AMD to 50 MW
• September 2027: the first 400 MW of the Corsicana lease is due
• December 2027: the first 96 MW of the 191 MW Rockdale AI lab lease is due
• January 2028: another 200 MW at Corsicana is due
• June 2028: the full 191 MW at Rockdale is due, and its 20-year term begins, running to June 2048
• July 2028: the final 310 MW at Corsicana is due, completing 910 MW under a 15-year lease
• 2028: the next bitcoin halving, expected that year, cuts the block reward to 1.5625 BTC

Riot expects more than $2 billion of average annual net operating income across its leases at full deployment, including about $1.8 billion a year from Corsicana and $365 million to $411 million a year from Rockdale. Analysts’ published models predate Corsicana: the average 2028 revenue estimate was about $1.21 billion from 11 analysts on October 26, according to TIKR, while 2029 and 2030 estimates rested on only two or three analysts.

For 2030, the key questions are:

Will the leases be delivered on time? All 1,101 MW of AI lab capacity is due between September 2027 and July 2028, and rent on each phase starts only after delivery.

How will the build be financed? Rockdale costs about $2.1 billion to $2.3 billion, and Corsicana about $5.5 billion, of which Riot funds $2 million per IT MW and the tenant reimbursements rely on non-recourse project debt. The long-term financing for Rockdale and the $573 million interim loan due on December 31, 2026 are the next steps to watch.

What does bitcoin do through the 2028 halving? Mining still produced about 64% of Riot’s revenue in Q3 2026, and after 2028 each block pays half as much, so mining margins will depend even more on the bitcoin price and on Riot’s power costs until lease rent takes over.

Model-based websites publish long-range RIOT price figures, but they are mostly built on past prices rather than on Riot’s contracts, so we do not repeat them.

What Are the Biggest Risks for RIOT Stock?

• Financing and execution: the Rockdale project costs an estimated $2.1 billion to $2.3 billion and Corsicana about $5.5 billion, with delivery dates from September 2027 to July 2028; the $573 million interim loan for Rockdale’s long-lead equipment matures on December 31, 2026
• Tenant concentration: one AI lab accounts for 1,101 of Riot’s 1,151 contracted MW, and AMD for the remaining 50 MW
• Losses: Riot lost $663.2 million in 2025 and $733.6 million in the first nine months of 2026, although it reported a $4.0 million profit in Q3
• A depleted bitcoin treasury: holdings fell from 18,005 BTC at the end of 2025 to 2,418 on September 30 after 20,264 BTC were sold, so there is little bitcoin left to sell for future spending
• Bitcoin price and mining costs: mining revenue fell about 28% in Q3 on lower bitcoin prices, the Q3 cost to mine relied on $24.7 million of curtailment credits, and the 2028 halving will cut the block reward in half
• Volatility: RIOT has a beta of 3.92 (CNBC), fell from $30.32 on June 22 to $11.84 on November 2 and then rose 18.4% in one day on November 3
• Analyst revisions: five firms cut their targets between October 12 and November 2, and Weiss Ratings rates the stock Sell (D-)

Is RIOT Worth Buying in 2026?

This section summarizes the arguments on each side; it is not a recommendation.

Riot is one of the most closely watched stocks at the intersection of bitcoin mining, energy infrastructure and AI data centers.

The case supporters make: 1,151 MW of signed leases with about $38 billion of contracted revenue, including a 910 MW Corsicana lease that Riot expects to earn about $1.8 billion of average annual rent, more than $2 billion of expected annual net operating income at full deployment, a profitable third quarter, the Coinbase facility repaid, no equity raised in 2026 and an average analyst target of $29.27 (MarketBeat, November 2) against a November 3 close of $14.02.

The case for caution: a net loss of $733.6 million in the first nine months of 2026, a bitcoin treasury drawn down from 18,005 to 2,418 BTC in nine months, about $7.6 billion to $7.8 billion of combined development cost at Rockdale and Corsicana that still needs financing, no lease capacity delivered to the AI lab before September 2027, a single tenant behind almost all contracted capacity, and a run of target cuts from mid-October.

The next checkpoints are long-term financing for Rockdale before the interim loan matures, project debt for Corsicana and analysts’ revisions after the November 4 report. What is still unproven is Riot’s speed of execution and financing, not the existence of its power, land and contracts. For the chip side of the same AI build-out, see our Nvidia stock forecast; for another crypto-linked stock, our Coinbase stock price prediction.

Frequently Asked Questions

What is Riot Platforms’ stock price today?
Riot Platforms (NASDAQ: RIOT) closed at $14.02 on November 3, 2026, up 18.4% ahead of its third-quarter report, for a market value of about $5.26 billion. In premarket trading on November 4, after the report, it was quoted at about $13.28. The stock remains about 54% below its 52-week high of $30.32 from June 22, 2026.

What are analysts’ price targets for RIOT stock in 2026?
According to MarketBeat on November 2, 2026, before the Q3 report, the 20 analysts covering Riot have a consensus Moderate Buy rating and an average 12-month target of $29.27, with a high of $40 and a low of $19. Recent cuts include Morgan Stanley to $35.50, Cantor Fitzgerald to $24, Piper Sandler to $19, B. Riley to $25 and Keefe, Bruyette & Woods to $20.

What is the RIOT stock forecast for 2030?
We found no dated 2030 price target from a major brokerage; published analyst targets cover 12 months. What is dated is Riot’s contract schedule: AMD reaches 50 MW in May 2027, Corsicana’s 910 MW arrives from September 2027 to July 2028, and Rockdale’s 191 MW in December 2027 and June 2028. Riot expects more than $2 billion of annual net operating income at full deployment.

Why did RIOT stock fall in 2026, and has it recovered?
RIOT fell from $30.32 on June 22 to $11.84 on November 2, 2026, including a drop of about 38% between September 30 and October 23, according to TIKR, as bitcoin weakened and five brokers cut targets. It then jumped 18.4% to $14.02 on November 3, before Riot reported its Q3 results and the Corsicana lease, but it remains far below its June high.

What were Riot’s Q3 2026 earnings?
Riot reported third-quarter 2026 revenue of $181.4 million, up 1% from a year earlier, and net income of $4.0 million, down from $104.5 million. Data centers brought in $18.4 million, bitcoin mining $116.0 million and engineering $47.0 million. Adjusted EBITDA was $191.3 million. Riot produced 1,637 bitcoin at a cost of $39,265 each, excluding depreciation, helped by power curtailment credits.

What is Riot’s $28 billion Corsicana lease, and is the tenant Anthropic?
On November 4, 2026, Riot announced a 15-year lease of 910 MW of critical IT capacity at Corsicana, Texas, worth about $28 billion, with the same “leading Frontier AI Lab” that signed its $9.1 billion, 191 MW Rockdale lease in August. Riot has not named the tenant. Bloomberg reported in August that the Rockdale tenant is Anthropic. Delivery runs from September 2027 to July 2028.

How much bitcoin does Riot Platforms hold?
Riot held 2,418 bitcoin on September 30, 2026, worth about $202.0 million at $83,554 per coin, according to its third-quarter release. That is down from 11,380 BTC on June 30 and 18,005 at the end of 2025. Riot also repaid and terminated its $200 million Coinbase credit facility, which released all of the bitcoin it had pledged as collateral.

Why is Riot selling more bitcoin than it mines?
Riot is using its bitcoin treasury to pay for data center development. In the first nine months of 2026 it sold 20,264 BTC for about $1.5 billion while producing 4,697, according to its third-quarter release. The proceeds also helped repay its $200 million Coinbase credit facility. Riot says it raised no equity in 2026 and does not currently expect to issue equity for announced projects.

What does Riot Platforms do and how does it make money?
Riot Platforms, based in Castle Rock, Colorado, mines bitcoin, leases data center capacity and makes electrical equipment through its Engineering segment. In Q3 2026, mining brought in $116.0 million of its $181.4 million revenue, engineering $47.0 million and data centers $18.4 million. It runs sites in Rockdale and Corsicana, Texas, and in Kentucky, and has leased 1,151 MW to AI and chip tenants.

What is the Starboard Value thesis for Riot Platforms?
In a February 18, 2026 letter, activist investor Starboard Value argued that Riot’s AI and high-performance computing opportunity could create $9 billion to $21 billion of equity value, based on about 1,133 MW of critical IT capacity and more than $1.6 billion of annual EBITDA. It valued Riot at $23 to $53 per share and urged faster deals. Riot has since leased 1,151 MW.

How does Bitcoin’s price affect RIOT stock?
Bitcoin still drives most of Riot’s current revenue: in Q3 2026, mining revenue fell about 28% from a year earlier because the average bitcoin price Riot realized dropped from $114,361 to $70,855. After selling most of its treasury, Riot held only 2,418 BTC on September 30. Its long-term leases, once delivered from 2027, are designed to produce rent that does not depend on bitcoin.

Is RIOT stock a good buy right now?
That depends on your goals and risk tolerance, and this is not investment advice. Supporters point to 1,151 MW of signed leases worth about $38 billion, a profitable third quarter and an average analyst target of $29.27. Skeptics point to a $733.6 million nine-month loss, a nearly depleted bitcoin treasury, billions of construction still to finance and one tenant behind most contracted capacity.

This article is for informational purposes only and does not constitute financial or investment advice. RIOT is highly volatile; consult a licensed financial advisor before making investment decisions.

Data sources: Riot Platforms releases (January 16, March 2, April 2, April 30, August 10, October 20 and November 4, 2026), Riot’s Form 10-Q for the quarter ended June 30, 2026 and Forms 8-K filed August 14 and November 4, 2026 (SEC EDGAR), Starboard Value’s letter of February 18, 2026, CNBC quote data (November 2, 2026), StockTitan and GuruFocus (November 3 close and November 4 premarket quote), MarketBeat analyst and earnings data (November 2, 2026), CoinMarketCap (bitcoin price, November 4, 2026), and reporting by Bloomberg, The Block, Benzinga, GuruFocus, TIKR and TipRanks. Checked November 4, 2026.