Riot Platforms
RIOT-🇺🇸 USA
- Price
- $16.50
- as of Nov 6, 2026
- Market cap
- $6.2B
- as of Nov 6, 2026
Estimated total debt principal$1.37Bfacilities drawn: $200.0M of $200.0M
Trailing 12-month dilution+0.9%Oct 29, 2025 → Nov 2, 2026
Cash & equivalents$748.2Mas of Nov 4, 2026
Estimated cost of debt0.75%
Encumbered capacity25 MW
Basic shares outstanding - Evolution
Funding the build to end-2030
Capex from the Sites & Capacity estimates at $12M per MW, paid over the twelve months before each delivery, net of the project debt already raised.
Capex to fund$10.42bn945 MW to deliver · $573m already funded
Equity raised$1.71bn5% dilution a year
Debt to raise$5.82bn478.8m shares at end-2030
Capex by site and year
Sources and uses
| Year | Capex | Operating cash | Cash used | Equity raised | Debt to raise | Shares out | Closing cash |
|---|---|---|---|---|---|---|---|
| 2026 | — | $43m | — | $310m · +18.8m | — | 393.9m | $1.1bn |
| 2027 | $2.75bn | $94m | $1.1bn | $325m · +19.7m | $1.23bn | 413.6m | $0m |
| 2028 | $1.5bn | $301m | — | $341m · +20.7m | $857m | 434.3m | $0m |
| 2029 | $3.08bn | $853m | — | $358m · +21.7m | $1.87bn | 456m | $0m |
| 2030 | $3.08bn | $853m | — | $376m · +22.8m | $1.86bn | 478.8m | $0m |
Equity at 5% of the share count a year at the latest close; the fair values at date on the Valuation tab grow the share count at the same rate.
Debt stack
Convertible notes
Total: $594.4M · net: $579.2M| Instrument | Principal | Rate | Reference price | Conversion price | Capped call | Prepaid forward repurchase | Maturity | Stage | Source |
|---|---|---|---|---|---|---|---|---|---|
$594.4Mnet $579.2M | 0.75% | $14.86 | 2030 | Closed | Dec 16, 2024 |
Term loan / DDTL
Total: $773.0M| Instrument | Principal | Rate | Maturity | Stage | Source |
|---|---|---|---|---|---|
Senior secured delayed-draw term loan (Riot DC Logistics, LLC)SPV · Riot DC Logistics, LLC | $573.0M | Oct 15, 2026 | Closed | Aug 10, 2026 | |
$200.0M | Other | Apr 21, 2026 |
Equity & warrants
| Instrument | Description | Status | Source |
|---|---|---|---|
| Riot Platforms authorized the sale of up to $500.0M of ordinary shares over time through an at-the-market program, at prevailing market prices. | Dec 30, 2025 |