Macquarie analyst Paul Golding has raised the price target for Riot Platforms (NASDAQ: RIOT) from $30 to $35, while maintaining an Outperform rating on the stock. The adjustment reflects the firm’s positive outlook on the company’s operations and market position within the digital asset infrastructure sector. This upgrade in valuation suggests that Macquarie sees further upside potential for investors holding shares in the leading Bitcoin miner.

Analyst Action Details

The revised price target represents a significant increase from the previous estimate, indicating a stronger conviction in Riot Platforms’ ability to deliver value. By maintaining the Outperform rating, Macquarie signals that it expects the stock to outperform the broader market over the next 12-18 months. Investors typically view such upgrades as a bullish indicator, often leading to increased buying interest in the short term.

Market Implications

Riot Platforms operates as one of the largest Bitcoin miners in North America, and analyst sentiment plays a crucial role in shaping investor perception. The raise in the price target to $35 implies that Macquarie believes the current market price undervalues the company’s future earnings potential or asset base. This move aligns with broader trends in the crypto-mining sector, where institutional confidence is growing alongside technological advancements and regulatory clarity.

Investors should note that while the rating remains unchanged, the higher price target provides a new benchmark for performance expectations. Any deviation from this trajectory could prompt future revisions by Macquarie or other financial institutions covering the stock. As always, individual investment decisions should consider broader market conditions and personal risk tolerance.

Bernstein analyst Gautam Chhugani maintains an Outperform rating on Riot Platforms, Inc. (NASDAQ: RIOT) and raises the price target to $35 from $30. The upgrade reflects nearly 80% upside potential as the company’s artificial intelligence infrastructure business overtakes bitcoin mining as its primary value driver. This strategic pivot is anchored by a $9.1 billion data center agreement with a leading frontier AI lab, reportedly Anthropic.

The 20-year colocation agreement is projected to generate approximately $457 million in annual recurring revenue. Bernstein estimates the contract could produce annual net operating income (NOI) between $365 million and $411 million. To support this expansion, Riot requires capital expenditure of roughly $2.1 billion to $2.3 billion. The firm has secured a $573 million interim financing facility from Morgan Stanley for initial equipment procurement.

Strategic Shift and Financing Needs

The economics of the Anthropic deal prompted Bernstein to significantly upgrade its assumptions for Riot’s AI colocation operations. However, the firm notes that Riot will need an additional $3.7 billion in secured financing, equivalent to roughly 90% of the project capital expenditure required under its modeled buildout. Key risks identified by Bernstein include financing requirements, construction execution challenges, and Riot’s geographic concentration in Texas.

Bitcoin Mining Transition

Riot’s transformation also impacts its bitcoin strategy. As of June 30, the company held 11,380 BTC, worth around $731.5 million at current prices, down from a peak holding of 19,368 BTC. Bernstein noted that Riot has been selling bitcoin production and reserves to help finance its data center expansion. This shift illustrates how some bitcoin miners are increasingly treating their large power portfolios as infrastructure for AI and high-performance computing rather than relying exclusively on cryptocurrency mining economics.

Sector-Wide Trend

Riot is not alone in this strategic pivot. MARA Holdings (NASDAQ: MARA) and CleanSpark (NASDAQ: CLSK) are also expanding into high-performance computing to capitalize on AI demand and diversify as bitcoin mining becomes increasingly difficult due to rising network hash rates and competition.

What the Numbers Show

The divergence between Riot’s legacy mining operations and its emerging data center business is stark. While bitcoin mining revenue contracted by nearly 19% year-over-year in Q2 2026, the new AI infrastructure deals provide substantial visibility into future cash flows insulated from cryptocurrency volatility. Bernstein’s analysis suggests that the high-margin nature of the AI contracts—potentially generating over $400 million in annual NOI—could fundamentally reprice the company’s equity, despite near-term execution and financing risks.