We break down Riot’s record Q3 and the strategy shift that turns low-cost power into high-value data centers. Jason Les explains how Corsicana scales to one gigawatt, why Rockdale stays productive, and how mining funds and balances the move into AI-grade colocation.

• record revenue and margin drivers across mining and engineering
• rising network difficulty versus low all-in power cost
• the case for data centers as the highest return use of power
• Rockdale’s bridge role and planned hash rate growth
• Corsicana Core and Shell Plus and 56 MW data halls
• leasing readiness without a signed anchor tenant
• ERCOT hedges, pass-through power, and uptime needs
• substation expansion timelines to 1 GW
• PUE baseline targets and thermal strategy
• mining as flexible load to cut stranded power
• ESS Metron backlog and switchgear supply advantage
• SG&A leverage and stock comp roll-off after Q3 2026
• capital allocation, Bitfarms exit, and liquidity mix
• project financing tied to tenant creditworthiness
• valuation per megawatt and expected re-rating

Stay tuned as Riot executes on the strategy here!

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