{
  "docId": "019dd923-622b-71dc-a6da-b00b1d0f20be",
  "docSlug": "46fe79187184",
  "documentTitle": "Riot Platforms, Inc. (RIOT)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2026-02-18 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 5,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 32,
  "notes": "Includes footnotes 10, 11, and 12.",
  "elementsJson": [
    "valuation_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-b00b1d0f20be/4",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-b00b1d0f20be",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-b00b1d0f20be.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-b00b1d0f20be#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In such a dynamic and rapidly evolving AI/HPC demand environment, Riot must urgently seize this extraordinary opportunity.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0391-77f4-a9f2-745942732c21",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Pro Forma Share Price: $52.60",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0391-77f4-a9f2-7ab74d19e2b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.255,
        "w": 0.764,
        "x": 0.118,
        "y": 0.515
      },
      "kind": "paragraph",
      "text": "Historically, we believe Riot traded at a discount... there is more work to be done.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "54d3f9b9-d95d-47ed-be2b-a1b8dc41360b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.115,
        "w": 0.764,
        "x": 0.118,
        "y": 0.338
      },
      "kind": "paragraph",
      "text": "Because Corsicana and Rockdale are in such prime locations... Riot must urgently seize this extraordinary opportunity.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "99c7c91e-64b6-4eb3-80c6-2eae888c9801",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.085,
        "w": 0.764,
        "x": 0.118,
        "y": 0.785
      },
      "kind": "source-note",
      "text": "10, 11, 12 footnotes regarding Capex assumptions and data sources.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03d324a2-56c9-4ea8-8b7d-f1c6ad523007",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.185,
        "w": 0.764,
        "x": 0.118,
        "y": 0.144
      },
      "kind": "table",
      "text": "Sensitivity table showing EBITDA, multiples, Capex, Net Cash, and resulting Share Price",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "18dffc76-df28-41ce-b6f7-ed7564107527",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.032,
        "w": 0.764,
        "x": 0.118,
        "y": 0.112
      },
      "kind": "title",
      "text": "Riot AI/HPC Equity Value Contribution",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0494da6d-c9bf-4d03-a415-18b75cb234b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.764,
        "x": 0.118,
        "y": 0.475
      },
      "kind": "title",
      "text": "Improving Governance and Operating Efficiency at Riot",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5382b65e-f701-4474-96dc-4b82cfdbf0bb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Evidence Matrix",
      "slug": "evidence-matrix",
      "agent": "Designer",
      "layer": "block",
      "matchId": "019ddf4e-fba3-77b6-a7c9-b66801e1f1a6",
      "evidence": "Valuation table across multiples",
      "confidence": 82
    },
    {
      "name": "Scarcity",
      "slug": "scarcity",
      "agent": "Storyteller",
      "layer": "block",
      "matchId": "019ddf4e-fbfd-76d8-aade-a78c59c80b96",
      "evidence": "'must urgently seize this extraordinary opportunit[y]'",
      "confidence": 78
    },
    {
      "name": "Governance critique",
      "slug": "governance",
      "agent": null,
      "layer": "document",
      "matchId": "019ddf4e-fbd1-75ba-aae0-11bb742173a2",
      "evidence": "Qualitative commentary on governance and operational improvements",
      "confidence": 75
    },
    {
      "name": "Sum of parts",
      "slug": "sum-of-parts",
      "agent": null,
      "layer": "document",
      "matchId": "019ddf4e-fb76-75e4-a530-de3785027a49",
      "evidence": "Equity value table extends SOP build",
      "confidence": 86
    },
    {
      "name": "Data Story Arc",
      "slug": "data-story-arc",
      "agent": "Storyteller",
      "layer": "loop",
      "matchId": "019ddf4e-fc2b-7173-8710-f45460cf3aa7",
      "evidence": "Quant bridge from EBITDA -> equity -> share price",
      "confidence": 68
    },
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019ddf4e-fb48-7464-b4a1-5292b2e123c1",
      "evidence": "'Riot AI/HPC Equity Value Contribution' headline",
      "confidence": 78
    }
  ],
  "frameworks": [
    {
      "name": "EV/EBITDA Multiple Analysis",
      "slug": null,
      "matchId": "019ddf4e-fe24-74d8-b2a6-b58c254cdb52",
      "evidence": "Valuation table 'based on varying multiples'",
      "confidence": 80
    },
    {
      "name": "Sum of the Parts Valuation",
      "slug": null,
      "matchId": "019ddf4e-fdf6-709d-8a46-f24724f6cf96",
      "evidence": "Equity value contribution table across multiples",
      "confidence": 85
    }
  ],
  "arcBeats": [
    {
      "to": 4,
      "from": 3,
      "beatId": "019ddf4e-f66a-7629-b597-2c074c07f838",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": null,
      "evidence": "EBITDA + Equity Value tables yielding $23-$53 share-price upside.",
      "position": 4,
      "confidence": 88,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 5,
      "from": 3,
      "beatId": "019ddf4e-f74c-743f-8d16-52ecbaba5f1e",
      "arcName": "The Transformation Tale",
      "arcSlug": "transformation-tale",
      "beatName": "The Bridge",
      "beatSlug": null,
      "evidence": "Valuation tables + closing ask describe path to transformation.",
      "position": 3,
      "confidence": 72,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 4,
      "from": 3,
      "name": "Waterfall Value",
      "slug": "31-waterfall-value",
      "bestFor": "Financial analysis, value bridges, variance explanations",
      "matchId": "019ddf4e-f7d8-770d-bab5-3276d34e0eb0",
      "evidence": "SOP buildup tables: $1.6B+ EBITDA -> $23-$53 share-price upside via multiples.",
      "position": 3,
      "objective": "Build sum-of-parts EBITDA -> equity value upside",
      "structure": "The Total -> Driver 1 Impact -> Driver 2 Impact -> Driver 3 Impact -> The Remainder",
      "confidence": 85,
      "description": "Break down a big number into its component drivers to show where value is created or lost"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}