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according to financial data released by Riot Platforms, the company recorded $33.2 million in data center revenue for the first time in the first quarter. A significant portion of this revenue came from lower-margin tenant retrofitting services, which involve procuring and installing specific equipment for clients. Notably, AMD has chosen to exercise its option to double its contracted capacity from 25 MW to 50 MW, with the possibility to further expand to 200 MW in the future. Currently, 5 MW of capacity related to the AMD deal has been delivered and is generating revenue, with the remaining initial capacity expected to come online in the second quarter. Additionally, Riot Platforms reported total revenue of $167.2 million for the first quarter, with its core Bitcoin mining business contributing $111.9 million. The company currently holds 15,679 Bitcoins (valued at approximately $1.2 billion), making it the world's seventh largest public holder of Bitcoin. (The Block)
Odaily News Riot Platforms' data center head, Jonathan Gibbs, has left the company after less than a year in the role, dealing a setback to the company's transformation towards AI and high-performance computing (HPC). The company's stock price fell approximately 6% on the day of the announcement.Gibbs joined in 2025, tasked with leading Riot's shift from traditional Bitcoin mining to AI and hyperscale data center operations. The reasons for his departure have not been disclosed, and his unvested stock awards (worth approximately $18.7 million) have been forfeited.Despite the short-term uncertainty brought by this personnel change, Riot had previously initiated its transformation. This includes partnering with AMD to build data centers and beginning to leverage its power resources to undertake AI computing business, generating some revenue conversion.To support infrastructure investments, the company has concurrently reduced its Bitcoin holdings. In Q1 2026, it sold approximately 3,778 BTC, raising about $290 million.Market observers believe Riot is at a critical stage of its dual-track transformation of "mining + AI computing power." While executive changes may affect the execution pace, the long-term direction will ultimately depend on its ability to successfully implement its data center business.