Is Riot Platforms a buy right now?

Riot Platforms (Riot Platforms Stock Quote, Chart, News, Analysts, Financials NYSE:RIOT) has taken a key step toward expanding its high-performance computing ambitions by hiring industry veteran Jonathan Gibbs as Chief Data Center Officer, Roth Capital Markets said in a June 4 update maintaining its “Buy” rating and $16.00 price target.

Riot Platforms is a Nasdaq-listed Bitcoin mining and hosting company based in Castle Rock, Colorado. Formed in 2017 after reorganizing BiOptix Diagnostics, it operates a leased facility in New York and an owned site in Rockdale, Texas. The company uses ASIC machines to mine only Bitcoin.

Roth analyst Darren Aftahi said Gibbs’ background strengthens Riot’s ability to design, build, and market high-performance computing infrastructure, especially as the company shifts from Bitcoin-only setups to power-dense liquid-cooled deployments.

“With 600MW at Corsicana and a 1.7GW portfolio, this strategic hire adds credibility with utilities and customers and better positions RIOT to secure an HPC agreement, in our opinion,” Aftahi said.

With over 15 years of experience and more than 1GW of data center development, Jonathan Gibbs brings strong expertise in infrastructure design, construction, and delivery for hyperscale and enterprise clients. He was most recently Executive Vice President of Product Delivery at Prime Data Centers, where he oversaw U.S. data center projects.

“We believe having the key human capital in-house is essential to navigate potential HPC contracts and build to properly negotiate with utilities, navigate complex infrastructure buildouts, and gain credibility with potential HPC customers,” Aftahi said. “We believe this is even more the case as RIOT, like many of its peers, has only built BTC data centers, and HPC data centers have much different builds and requirements (and from our research, are more complex). We believe this shows that RIOT is serious about making the best potential offering for its initial 600MW power capacity (1.7GW portfolio) and remains firm that signing an HPC lease agreement would be the next catalyst for shares and re-rating the stock.”

Aftahi expects Riot to post an Adjusted EBITDA loss of $122.9-million on revenue of $569.6-million in fiscal 2025, but sees results improving to $82.8-million in Adjusted EBITDA on $609.5-million in revenue in fiscal 2026.

On June 2, Riot announced Gibbs’s appointment to lead the development and operations of a new data centre platform aimed at hyperscale and enterprise clients.

According to the company, this new platform will focus on designing and operating advanced data centers that can support the growing demand for cloud computing, artificial intelligence, and other compute-intensive applications. Riot said the initiative builds on its existing vertically integrated strategy, which has used large-scale Bitcoin mining to create value from its land and power assets.

“With a pipeline of over 1.7 gigawatts of power immediately available and in close proximity to major markets, Riot is uniquely positioned to develop data centers which will address the strong market demand,” Gibbs said.

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