The analyst assigns half of Riot’s valuation to prospective site conversions, including a possible 756 MW critical IT deployment at Corsicana.
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A single prospective tenant is negotiating for Riot’s entire Corsicana site. A definitive lease could exceed $1 billion in annual rent, but key commercial terms and credit support remain unresolved.
The bank says existing grid connections give former mining sites a valuable speed advantage as AI developers compete for scarce power.
TeraWulf shares rose more than 12% in morning trade after Morgan Stanley raised its price target and maintained an 'Overweight' rating.
KBW lifted its Riot target by 61% after visiting the Texas site, citing growing confidence in near-term AI/HPC lease execution across about 1.12 GW of tier-3 capacity.