Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Riot Platforms’ results for the second quarter of 2026 reflect significant progress in its strategic shift from principally Bitcoin mining toward data center development focused on serving the AI sector.</li><li>The company successfully executed a substantial 20-year lease agreement with a leading AI lab for 191 megawatts of critical IT capacity at its Rockdale campus, establishing $9.1 billion in total contract revenue with two 5-year extension options potentially increasing the total contracted value to approximately $16.1 billion.</li><li>This follows an earlier AMD lease, bringing the total contracted data center revenue to about $9.8 billion with high-quality counterparties, marking a transformation of Riot’s assets from Bitcoin mining facilities to advanced, utility-scale data centers.</li></ul>

Riot Platforms’ results for the second quarter of 2026 reflect significant progress in its strategic shift from principally Bitcoin mining toward data center development focused on serving the AI sector.The company successfully executed a substantial 20-year lease agreement with a leading AI lab for 191 megawatts of critical IT capacity at its Rockdale campus, establishing $9.1 billion in total contract revenue with two 5-year extension options potentially increasing the total contracted value to approximately $16.1 billion.This follows an earlier AMD lease, bringing the total contracted data center revenue to about $9.8 billion with high-quality counterparties, marking a transformation of Riot’s assets from Bitcoin mining facilities to advanced, utility-scale data centers.

Riot Platforms’ 191 MW AI Deal — Can A $2.3 Billion Buildout Deliver The Returns?

<ul><li>Riot Platforms’ second quarter 2026 results highlight significant progress in its strategic shift from Bitcoin mining toward becoming a leading large-scale data center developer, particularly focused on serving the artificial intelligence (AI) sector.</li><li>The company secured a landmark 20-year data center lease with a major frontier AI laboratory for 191 megawatts (MW) of critical IT capacity at its Rockdale campus, expected to generate about $9.1 billion in total contract revenue and potentially $16.1 billion if two additional five-year extensions are exercised.</li><li>Alongside an existing 50 MW lease with AMD, Riot now has approximately $9.8 billion of data center contracted revenue, representing a rapid build-out from zero contracted revenue at the start of 2026.</li></ul>

Riot Platforms’ second quarter 2026 results highlight significant progress in its strategic shift from Bitcoin mining toward becoming a leading large-scale data center developer, particularly focused on serving the artificial intelligence (AI) sector.The company secured a landmark 20-year data center lease with a major frontier AI laboratory for 191 megawatts (MW) of critical IT capacity at its Rockdale campus, expected to generate about $9.1 billion in total contract revenue and potentially $16.1 billion if two additional five-year extensions are exercised.Alongside an existing 50 MW lease with AMD, Riot now has approximately $9.8 billion of data center contracted revenue, representing a rapid build-out from zero contracted revenue at the start of 2026.

Riot Platforms’ $9.1 Billion Data Center Deal — A 20-Year AI Revenue Engine!

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.</li><li>Imagine this, you just bought 100,000 GPUs from Nvidia and you don’t have a place to put them or the power to feed them.</li><li>Not being first to market is a huge cost, as the GPU pay back times are very quick right now even for the H100.</li></ul>

There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.Imagine this, you just bought 100,000 GPUs from Nvidia and you don’t have a place to put them or the power to feed them.Not being first to market is a huge cost, as the GPU pay back times are very quick right now even for the H100.

<ul><li>Riot Platforms' first quarter of 2026 marked a significant transition as it began evolving into a major data center operator, highlighted by key operational milestones and strategic developments.</li><li>Notably, AMD exercised a 25-megawatt expansion option at Riot’s Rockdale facility, increasing its contracted capacity to 50 megawatts.</li><li>Riot delivered the initial 5 megawatts for AMD on schedule in January and expects full delivery of the remaining 20 megawatts by May 2026.</li></ul>

Riot Platforms' first quarter of 2026 marked a significant transition as it began evolving into a major data center operator, highlighted by key operational milestones and strategic developments.Notably, AMD exercised a 25-megawatt expansion option at Riot’s Rockdale facility, increasing its contracted capacity to 50 megawatts.Riot delivered the initial 5 megawatts for AMD on schedule in January and expects full delivery of the remaining 20 megawatts by May 2026.

Riot Blockchain: Can Rockdale and Corsicana Transform the Company Beyond Bitcoin Mining?

<ul><li>Riot Platforms, formerly known as Riot Blockchain, showcased a comprehensive transformation in its business strategy during its third-quarter 2025 presentation.</li><li>CEO Jason Les highlighted that the company is evolving from primarily a Bitcoin mining firm into a significant player in data center development, banking on its vast power and land assets.</li><li>One positive takeaway from the results was the strategic shift towards data centers to meet the surging demand, particularly from hyperscalers and enterprises needing significant data processing capabilities.</li></ul>

Riot Platforms, formerly known as Riot Blockchain, showcased a comprehensive transformation in its business strategy during its third-quarter 2025 presentation.CEO Jason Les highlighted that the company is evolving from primarily a Bitcoin mining firm into a significant player in data center development, banking on its vast power and land assets.One positive takeaway from the results was the strategic shift towards data centers to meet the surging demand, particularly from hyperscalers and enterprises needing significant data processing capabilities.

Riot Platforms Secures 1.7 Gigawatts of Power—Will This Massive Infrastructure Edge Dominate the Market?- Major Drivers

United States

Riot Blockchain Inc operates as a digital currency company. The company focuses on buying cryptocurrency and blockchain businesses, as well as supports blockchain technology companies. Riot Blockchain serves customers worldiwde.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Riot Blockchain (RIOT US)

Riot Platforms’ 191 MW AI Deal — Can A $2.3 Billion Buildout Deliver The Returns?

Riot Platforms’ results for the second quarter of 2026 reflect significant progress in its strategic shift from principally Bitcoin mining toward...

Baptista Research

Riot Platforms’ $9.1 Billion Data Center Deal — A 20-Year AI Revenue Engine!

Riot Platforms’ second quarter 2026 results highlight significant progress in its strategic shift from Bitcoin mining toward becoming a leading...

Baptista Research

Crypto Datacenters NAV

There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.

Fabricated Knowledge

Riot Blockchain: Can Rockdale and Corsicana Transform the Company Beyond Bitcoin Mining?

Riot Platforms' first quarter of 2026 marked a significant transition as it began evolving into a major data center operator, highlighted by key...

Baptista Research

Riot Platforms Secures 1.7 Gigawatts of Power—Will This Massive Infrastructure Edge Dominate the Market?- Major Drivers

Riot Platforms, formerly known as Riot Blockchain, showcased a comprehensive transformation in its business strategy during its third-quarter 2025...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)