Riot Platforms Expands AMD Partnership as It Shifts from Bitcoin Mining to AI Data Centers

Riot Platforms is accelerating its transition from a bitcoin mining-focused business to an AI and high-performance computing infrastructure provider, highlighted by a major expansion deal with Advanced Micro Devices (AMD). The company has doubled its contracted capacity at its Rockdale, Texas facility to 50 megawatts (MW), with an option to scale up to 150MW. This long-term agreement is expected to generate approximately $636 million in revenue over the next decade, signaling a strong push into AI data center hosting.

The shift comes as Riot seeks to diversify beyond bitcoin mining, a sector facing increasing pressure from lower cryptocurrency prices and rising competition. In its Q1 financial report, the company posted total revenue of $167.2 million, slightly up from $161.4 million a year earlier. Notably, Riot generated $33.2 million from its emerging data center business, while bitcoin mining revenue dropped to $111.9 million from $142.9 million.

Riot’s evolving strategy is also boosting investor confidence. The company recently secured improved terms on its $200 million bitcoin-backed credit facility with Coinbase, reducing the interest rate from 8.3% to a fixed 6.15%. Additionally, 1,544 BTC previously held as collateral were released, indicating stronger lender trust in Riot’s growing AI infrastructure operations. Market analysts, including VanEck’s Matthew Sigel, note that investors are pricing in a lower cost of capital due to this strategic pivot.

Once considered one of the last “pure-play” bitcoin miners, Riot has faced pressure from activist investors like Starboard to expand into AI computing. That transition now appears to be gaining traction. Over the past 12 months, Riot’s stock has surged approximately 147%, significantly outperforming bitcoin, which declined nearly 17% during the same period.

The company is also increasing bitcoin sales to support liquidity, selling 3,688 BTC in Q1. Riot ended March with 15,679 BTC and $282.5 million in cash, positioning itself for continued growth in both digital assets and AI data center markets.