JPMorgan and Citigroup upgraded Riot Platforms in September 2025 as analysts reassessed the bitcoin miner’s potential use of its power and data center assets for artificial intelligence and high-performance computing. The ratings and price targets reflected analyst expectations, not contracted revenue or a completed change in the company’s business.
Reports on the analyst actions said JPMorgan moved Riot to Overweight with a $19 target and Citi moved it to Buy with a $24 target. Price targets are time-specific opinions and can change; they are not guarantees of market value or investment performance.
Riot had launched a formal evaluation in January 2025 of using approximately 600 megawatts of remaining capacity at its Corsicana, Texas facility for AI and HPC workloads. The company’s announcement said it had engaged advisers, paused a previously planned bitcoin-mining expansion for that capacity and would approach potential partners.
At that stage, the process was an evaluation. Riot had not announced customers for the 600 MW, a colocation contract or revenue from the proposed use. Its first 400 MW phase at Corsicana had been developed for bitcoin mining, while the site was expected to reach 1 GW only upon full build-out.
Bitcoin mining therefore remained central to Riot’s operations and exposed its results to bitcoin prices, network difficulty, energy costs and execution risk. The possible data center expansion offered another use for its infrastructure, but the two upgrades did not establish that the transition would succeed.
