Funding mix
BTC spot vs all-in cost
Funding stack for Riot's data-center build-out Dec 31 2026 refinance checkpoint each leg trades a scarce resource for forward contracted DC revenue 1 BTC-treasury leg yield sold for capex 2 Interim-debt leg matures Dec 31 2026 3 Construction-debt 80–90% of build-out 4 Equity leg ATM backstop · limited AI-lab build-out Rockdale · 191 MW $2.1–2.3B capex DC lease revenue ~$9.1B over 20 yrs 96 MW · billed Dec 2027 191 MW · billed Jun 2028
BTC base remaining
9,300
Q2-end base 11,380 BTC
ATM share dilution
Limited
Dec 31 2026 refinance
Must refinance · watch
Cost of capital
Elevated · Dec 31 gate watch
Flow width = how much of the ~$2.2B build-out runs through each leg. The $573M interim facility is ring-fenced in Riot DC Logistics and must be refinanced before Dec 31 2026; every leg shrinks the BTC base or adds debt or shares, so the cost of capital rises if spot stays below the all-in cost.