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Bernstein says Riot’s enterprise value is tied mainly to AI colocation

Bernstein estimates AI colocation accounts for 84% of Riot’s target enterprise value, compared with 11% from bitcoin mining.

Reported · Written up by our desk · Market Structure

Bernstein said it sees a potential clear scale up path for Riot, arguing the company’s target enterprise value is increasingly driven by its AI colocation business rather than bitcoin mining, according to The Block.

The firm estimated AI colocation represents 84% of Riot’s target enterprise value, while bitcoin mining accounts for 11%.

Riot is also facing renewed market focus after a reported $9.1 billion deal involving Anthropic, which Bernstein analysts linked to the broader AI infrastructure opportunity for Riot’s facilities.

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