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  "documentTitle": "Riot Platforms, Inc. (RIOT)",
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  "authorName": "Peter A. Feld",
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  "presentationDate": "2026-02-18 00:00:00",
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  "notes": "The slide uses a narrative structure to frame the company's power assets as a scarce, high-value commodity in the current AI infrastructure market.",
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      "text": "power capacity: 1.7GW",
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      "text": "Against this highly attractive backdrop, we believe Riot has a tremendous opportunity for value creation. Its two primary sites, Corsicana, outside of Dallas, and Rockdale, outside of Austin, are two of the most attractive sites in the country for AI/HPC data centers and together comprise 1.7GW of fully available power. Based on our diligence, we believe there are no material impediments to building world-class data centers on these sites, and with locations just outside of major metro markets, they are well-suited for AI training, inference, edge, or just about any data center application a customer could want. Because of these attractive characteristics, we believe that Riot's sites are better than most of the sites for which deals have been announced.",
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      "text": "AI/HPC companies have increasingly turned to cryptocurrency mining companies as attractive sources of near-term power capacity. In fact, from August to year-end of 2025, four cryptocurrency mining companies announced AI/HPC deals for ~1.4GW of gross capacity, with an average leasing rate $1.80/MW of Critical IT load capacity (\"CIT MW\"). We believe the market for power has continued to strengthen since many of these deals were signed.",
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      "text": "Riot announced its inaugural data center deal on January 16, 2026 with AMD, demonstrating the Company's ability to attract highly sophisticated, investment-grade tenants. In the initial deal, AMD committed to take 25 CIT MW that can expand to 200 CIT MW. The initial 25MW lease is expected to generate $311 million of revenue across an initial 10-year term with an EBITDA margin of ~80%. This translates to $1.24 million of annual revenue and $1 million of EBITDA per CIT MW. Critically, the Company can retrofit existing infrastructure at Rockdale for a capex cost of just $3.6 million per CIT MW, which is meaningfully below precedent AI/HPC transactions, making the yield-on-cost highly attractive. This capacity is slated to be delivered by May of this year, an impressive feat that we hope will demonstrate the execution capabilities of Riot's new data center team.",
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      "text": "It is an exciting time in the data center market. AI/HPC companies have announced ambitious plans to scale their capacity exponentially over the next few years. Perhaps the biggest constraint on this build-out is the availability of power in locations suitable for high-quality data centers. This problem has only gotten worse, with the queue for large grid interconnections now stretching to several years, and some grid operators, including ERCOT – where Riot operates – exploring potential plans to limit new power allocations to data centers. This only makes Riot's already-powered sites more valuable.",
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      "text": "Although this underperformance is frustrating, we believe that Riot is better positioned to do higher-quality deals than its peers. Time is of the essence, and a renewed sense of urgency is required to get more material deals completed.",
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      "text": "2 WULF, CIFR, HUT, and APLD Company Filings. 3 RIOT, WULF, CIFR, HUT Company Filings. 4 Riot Platforms January 16, 2026 Business Update.",
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