Starboard Value, that cutting‑edge activist investor, has whispered in Riot Platforms’ ears that a leap into AI and high‑performance computing could be worth a tidy $21 billion – far outstripping the company’s current market cap. The message? Move fast, or risk becoming last‑place in the data‑center Olympics.
Activist Pushes Riot to Speed Up AI Pivot
Imagine being told that your old, dusty mining operations could double your wealth if you just rebrand them as AI facilities. That’s the premise Starboard employs in its crusade for Riot.
In a letter to CEO Jason Les, Executive Chairman Benjamin Yi, and the board, Starboard claims that a bargain bargain of AI and HPC infrastructure could unlock $9-$21 billion in equity value, dwarfing the firm’s market value today.
At the heart of the argument is a very literal power‑monger’s obsession. Riot’s Texas sites in Rockdale and Corsicana sit on more energy capacity than a small nation. That makes them prime real estate for AI data centers. Under a January pact with Advanced Micro Devices, AMD will lease 25 MW of IT load at Riot’s Rockdale site, with room to grow to 200 MW. Starboard sees that as a whispered promise and points toward roughly 1.4 GW of “idle” power that could be monetised.
While Riot has begun turning a quarter of its mining footprint into a data‑center proving ground, friends in the industry have already sprinted ahead of the curve. Bitfarms dipped the “white‑hat” label and rebranded as Keel Infrastructure; Hive Digital, CleanSpark, and Cipher Mining have been busy stamping their names on AI‑linked data‑center projects.
Starboard praised Riot’s recent governance improvements and cost‑control measures, but warned of the risk of being labelled a miner rather than a premium data‑center operator if you linger too long. After all, miners get a resale price, but data‑center landlords venture into the land‑rich world of Victorian elevations.
As Riot executes massively value‑accretive AI/HPC deals, it must ensure that it completes the transition into a best‑in‑class data centre lessor. We believe Riot is on its way to a transformation from a bitcoin miner to a best‑in‑class AI/HPC data centre company.
For Riot, the market says: you’ve got a power‑rich footprint; the question is whether you’ll seal the deals before the competition buys the neighbourhood.
FAQ🌎
- Why does Starboard Value see $21 billion in upside for Riot?
They map the Texas power assets into a $9-$21 billion horizon, thanks to the explosive appetite for AI and HPC. - What is Riot’s deal with AMD?
A contract to lease 25 MW at Rockdale, with options up to 200 MW. - How much additional power capacity does Riot control?
Riot reportedly has about 1.4 GW of extra capacity still hanging around. - Could Riot become an acquisition target?
If Riot slows down, its power can make it a darling for consolidation in the U.S. data‑center market.
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2026-02-21 00:57