Morgan Stanley initiated coverage of Riot Platforms on July 23, 2026. The bank issued an overweight rating with a $36.00 price target. Analysts identified two U.S. data center sites as primary growth drivers due to their scale and favorable political dynamics.
The firm expects Riot to sign a data center lease during the summer of 2026. This lease will likely involve the Corsicana facility. That site features 1,000 megawatts of total grid access.
Morgan Stanley assigns a 75% probability of energization to Riot’s project pipeline. This confidence level exceeds that of industry peers. The valuation reflects Riot's dual role in Bitcoin mining and the rising demand for AI data center capacity.