Activist investor Starboard Value has sent a strong message to Riot Platforms: move fast and fully commit to AI.
In a letter dated February 18, Starboard urged Riot to speed up its shift from bitcoin mining to becoming a major artificial intelligence and high-performance computing (AI/HPC) data center provider.
A $21 billion opportunity?
Starboard believes Riot is sitting on a huge opportunity — possibly worth up to $21 billion.
The key advantage? Power.
Riot controls about 1.7 gigawatts of available power across two major sites in Corsicana and Rockdale, Texas. At a time when AI companies are struggling to secure electricity and facing long grid connection delays, ready-to-use powered sites are extremely valuable.
Starboard says Riot’s locations could be some of the most attractive AI data center spots in the country.
The AMD deal is just the start
In January 2026, Riot signed a deal with Advanced Micro Devices (AMD) for 25 megawatts of capacity. The agreement is expected to generate $311 million over 10 years, with an 80% EBITDA margin.
Starboard called the AMD deal a good “proof of concept” — but not enough.
The investor wants Riot to land bigger, investment-grade tenants to unlock the full value of its remaining 1.4 gigawatts. According to Starboard’s estimates, fully monetizing that capacity could bring in more than $1.6 billion in annual EBITDA.
Using industry valuation multiples, Starboard believes the AI/HPC business alone could be worth between $9 billion and $21 billion in equity value. That could imply a share price range of $23 to $53.
Execute — or risk being bought
Despite the opportunity, Riot’s stock has lagged behind competitors that secured larger AI deals earlier.
Starboard’s message was clear: act quickly.
If Riot cannot move fast enough to secure major AI clients, its rare power assets could make it an attractive takeover target for big tech companies looking for ready-made infrastructure.
In short, Starboard believes Riot is at a turning point. The opportunity is massive — but only if management executes with speed and precision.
