Riot Platforms - CEO, Jason Les Q&A - Q2 Earnings, Frontier AI Lab Deal & Corsicana LOI! | Power Analysis

We sit down with Riot Platforms CEO Jason Les to get a detailed read on Q2 execution and the company’s shift from pure Bitcoin mining toward AI data center development and long-term leasing. We dig into Rockdale expansion potential, the Corsicana LOI, ERCOT power dynamics, and how Riot plans to fund massive buildouts while managing dilution.

• Q2 operational progress focused on data center development milestones
• AMD capacity delivered on time and on budget as execution proof
• Rockdale roadmap including existing tenants and expansion optionality
• Corsicana LOI context, why timelines are uncertain, and why the site is scarce
• Power buildout sequencing at Corsicana and why early interconnection de-risks delivery
• ERCOT batch zero clarification and how it changes competitive dynamics in Texas
• How market rents, redundancy requirements, and CapEx per megawatt are rising together
• Why Riot views Bitcoin mining as a bridge to higher-value AI colocation cash flows
• ESS Metron switchgear manufacturing as a supply chain advantage
• Capital strategy using liquidity, interim facilities, and takeout debt to limit dilution
• Workforce access near major metros and the biggest execution bottlenecks ahead

Let us know in the comments section below what you thought of tonight's discussion and if you're currently holding chairs of Riot Platforms!

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