Activist investor Starboard Value believes Riot Platforms may be sitting on a multibillion-dollar opportunity if it moves quickly.

In a letter to CEO Jason Les, Executive Chairman Benjamin Yi, and the board, Starboard said Riot’s push into artificial intelligence and high-performance computing infrastructure could create between $9 billion and $21 billion in equity value. That figure, the firm noted, would dwarf Riot’s current market capitalization.

The core of the argument is power. Riot’s Texas campuses in Rockdale and Corsicana control large-scale energy capacity, a scarce asset as AI data center demand surges. Under a January agreement with Advanced Micro Devices, AMD will initially lease 25 megawatts of IT load at Riot’s Rockdale site, with options to scale to 200 MW. Starboard views the deal as proof of concept but says Riot still has roughly 1.4 gigawatts available to monetize.

While Riot has begun converting parts of its mining footprint toward AI tenants, peers have moved more aggressively. Bitfarms recently rebranded as Keel Infrastructure and shifted its domicile to the U.S., while Hive Digital, CleanSpark, and Cipher Mining are expanding AI-linked data center operations.

Starboard acknowledged improvements in Riot’s governance and efficiency over the past year, including board additions with data center experience and cost controls. Still, it warned that without faster deal execution, Riot risks being valued as a miner rather than a data center operator, which typically commands higher multiples.

Part of the letter stated:

As Riot executes massively value-accretive AI/HPC deals, it must ensure that it completes the transition into a best-in-class data center lessor. We believe Riot is on its way to a transformation from a bitcoin miner to a best-in-class AI/HPC data center company.

For Riot, the message is clear: the market sees optionality in its power-rich footprint. The question is whether management can convert that potential into contracts before competitors lock up the demand.

• Why does Starboard Value see $21 billion in upside for Riot?
  Starboard estimates Riot’s AI and high-performance computing infrastructure business could generate $9 billion to $21 billion in equity value due to its large-scale Texas power assets.
• What is Riot’s deal with AMD?
  Riot signed an agreement with Advanced Micro Devices to lease 25 megawatts at its Rockdale facility, with expansion options up to 200 MW.
• How much additional power capacity does Riot control?
  Riot reportedly has around 1.4 gigawatts of additional power capacity available for AI or data center monetization.
• Could Riot become an acquisition target?
  Starboard suggested that if Riot fails to execute quickly on AI opportunities, its valuable power assets could make it a candidate for consolidation in the U.S. data center market.

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