Riot posts $33.2M in data center revenue. AMD's Rockdale bet just doubled.
Bitcoin mining revenue fell year over year and a new data center line appeared for the first time. Those two sentences are the Riot thesis now.
CryptoVibe Desk · riot-platforms · bitcoin-mining · data-centers
- →Riot Platforms reported Q1 2026 total revenue of $167.2 million, including its first-ever data center revenue line of $33.2 million, per its April 30 press release.
- →AMD doubling Rockdale contracted capacity to 50 MW, with conditional option rights up to 200 MW total, gives Riot's data center pivot a credible anchor tenant rather than just an ambition.
- →Watch for AMD to exercise its next reserved capacity tranche at Rockdale before Q3 2026, which would push contracted megawatts above 100 MW and confirm sustained AI infrastructure demand.
- tenant fit-out → Revenue a data center operator earns by building and equipping space for a customer before that customer moves its servers in, separate from ongoing rent.
- contracted critical IT capacity → The amount of electrical power a data center has formally reserved for a specific customer's computing equipment, measured in megawatts.
Riot Platforms reported Q1 2026 total revenue of $167.2 million, per its April 30 press release, with $33.2 million of that coming from data center operations. That is Riot's first quarter with a dedicated data center revenue line.
The breakdown: $32.2 million in tenant fit-out services and $0.9 million in operating lease revenue, per the quarterly filing. Bitcoin mining contributed $111.9 million, down year over year.
The more immediate catalyst: AMD exercised its option for an additional 25 MW at Riot's Rockdale, Texas facility, bringing AMD's contracted capacity to 50 MW total, per the press release. Per Riot's 10-Q, AMD retains 50 MW of reserved expansion capacity beyond that, plus a conditional first-priority right for up to another 100 MW. Full exercise would bring AMD to 200 MW at Rockdale.
Riot held 15,679 BTC and $282.5 million in cash as of March 31, per the filing. That is cash, not leverage. Riot shares rose roughly 8% Friday after the AMD expansion disclosure, per CoinDesk.
Mining revenue is declining. Data center revenue is new and scaling. AMD's path runs to 200 MW at Rockdale. The direction is not ambiguous.
Riot's negotiating position with AMD is strongest right now, while AI infrastructure demand is still pulling capacity. Every quarter it delays locking in the conditional 100 MW tranche is a quarter of mining revenue decline eating into that leverage.
AMD filing to exercise its next reserved capacity tranche at Rockdale, pushing total contracted megawatts above 100 MW. Look for an 8-K or 10-Q disclosure before Q3 2026.
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