What is J.P. Morgan's outlook for Riot Platforms?

J.P. Morgan initiated an 'overweight' rating for Riot Platforms with a $20 price target, anticipating a significant shift towards AI infrastructure.

When is Riot Platforms expected to sign an AI hosting deal?

Riot Platforms is expected to sign an AI hosting deal at its Corsicana site by the end of 2026.

How is Riot Platforms transitioning its business model?

Riot Platforms is transitioning from bitcoin mining to become an AI infrastructure provider, leveraging its existing energy capacity.

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Riot Platforms: Bitcoin Miner Eyes AI Infrastructure Boom

20 Dec, 2025

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Summary

J.P. Morgan initiated an 'overweight' rating for Riot Platforms with a $20 price target.
Riot is pivoting from bitcoin mining to AI infrastructure, leveraging its Texas sites.
An AI hosting deal at Riot's Corsicana site is anticipated by the end of 2026.

Riot Platforms: Bitcoin Miner Eyes AI Infrastructure Boom

J.P. Morgan initiated coverage on Riot Platforms with an 'overweight' rating and a $20 price target, representing a substantial potential increase from its current trading value. The firm's outlook highlights Riot's strategic pivot towards AI infrastructure.

The company is leveraging its existing 1.7 GW capacity across Texas sites in Corsicana and Rockdale. These locations, situated in desirable tier-1 markets, are being evaluated for AI workloads, a unique advantage for a firm transitioning from bitcoin mining.

J.P. Morgan anticipates Riot could secure an AI hosting deal at its Corsicana facility by the end of 2026. The investment bank also noted Fidelity Investments recently disclosed an 8% stake in Riot, underscoring growing investor interest in the company's transformation.

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