Riot Platforms, Inc.

RIOTpublicneocloud

Bitcoin mining / AI-HPC hosting

What this company owes, to whom, at what cost and when it comes due. Every figure is the one the company itself states. cohort: neocloud · verified 2026-09-28 How these figures are built →

Off the balance sheet

—

neither of its parts — leases signed but not commenced, unrecorded purchase obligations — carries a figure

how it is counted

what the filer owes that is not on its balance sheet at this date: leases not yet commenced plus unrecorded purchase obligations, counted once. A filer that reports the same figure under both (Meta, Alphabet, Equinix, Arm, Applied Digital, Astera Labs) has stated one fact twice, and offBalanceNote says so

Notes priced since 2024 · 0 →each tranche in the ledger as the company itself states it how it is counted principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded): —
Loans and credit facilities · 3 →as signed; the figure counts new facilities, the count amendments too how it is counted the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn; new facilities only: an amendment restates a commitment already counted.: $573M
Debt due in 12 months →its own schedule, as of 2026-06-30 how it is counted the company's own maturity schedule for all its long-term debt, as its latest report states it: principal due in the next twelve months, years two to five and after; USD billions: $0M
Long-term debt on the balance sheet →on its balance sheet at 2026-06-30 how it is counted long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line: $843M
Cost of debt · 2026 Q2 →interest cover — · capex over operating cash flow — how it is counted 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it: —
Sold at the market, four quarters to 2025-12-31 →16.7M shares, as the company states its own sales how it is counted sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found: $207.7M

When it comes due

Left, the company's own five-year schedule — not our arithmetic. Right, the notes (orange) and facilities (grey) since 2024 that we have placed by maturity year: notes in the ledger since 2024 plus loans as signed since 2024, summed by maturity year and company — recent borrowing only, not the whole balance sheet. Both are in the tables of question 4.

Its own schedule, as of 2026-06-30

next 12 months$0M

year 2$0M

year 3$0M

year 4$0M

year 5—

after year 5—

Notes and facilities since 2024, by maturity year

2026 · facilities$573M

What has it committed to?

Obligations as the company states them — leases and purchase obligations as it reports them, long-term debt read off its balance sheet — each at the date it last stated it. The off-balance-sheet total is what it owes that its balance sheet does not carry.

Obligations as stated

2 rows


Long-term debt on the balance sheet	$843M	2026-06-30	long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line
Lease liabilities on the balance sheet	$35M	2026-06-30	operating plus finance, discounted operating + finance lease liabilities

Obligations created, as announced

14 rows

The announcements that state an amount. Kind: the kind of commitment announced: a material definitive agreement entered into, or a direct financial obligation created. Instrument: the first financing phrase the announcement uses, if any.


2026-08-14	material definitive agreement	$573M	credit agreement	Riot DC Logistics, LLC, Riot Platforms, Inc., Morgan Stanley Senior Funding, Inc., DC LLC
2026-08-14	direct financial obligation	$573M	credit agreement	Riot DC Logistics, LLC, Riot Platforms, Inc., Morgan Stanley Senior Funding, Inc., DC LLC
2026-04-27	material definitive agreement	$200M	credit agreement	Riot Platforms, Inc., Coinbase Credit, Inc., Coinbase Custody Trust Company, LLC
2026-04-27	direct financial obligation	$200M	credit agreement	Riot Platforms, Inc., Coinbase Credit, Inc., Coinbase Custody Trust Company, LLC
2025-12-31	material definitive agreement	$500M	—	Riot Platforms, Inc., B. Riley Securities, Inc., BTIG, LLC, Bruyette & Woods, Inc., Morgan Stanley & Co. LLC, Needham & Company, LLC
2025-05-23	material definitive agreement	$200M	credit agreement	Riot Platforms, Inc., Coinbase Credit, Inc., Original Signing Date. The Company, Coinbase Custody Trust Company, LLC
2025-05-23	direct financial obligation	$200M	credit agreement	Riot Platforms, Inc., Coinbase Credit, Inc., Original Signing Date. The Company, Coinbase Custody Trust Company, LLC
2025-05-01	material definitive agreement	$185M	—	Whinstone US, Inc., Riot Platforms, Inc., Rhodium Encore LLC
2025-04-25	material definitive agreement	$100M	credit agreement	Riot Platforms, Inc., Coinbase Credit, Inc., Credit Agreement. The Company, Coinbase Custody Trust Company, LLC
2025-04-25	direct financial obligation	$100M	credit agreement	Riot Platforms, Inc., Coinbase Credit, Inc., Credit Agreement. The Company, Coinbase Custody Trust Company, LLC
2024-12-11	material definitive agreement	$525M	senior notes	Riot Platforms, Inc., Citigroup Global Markets Inc., BTIG, LLC, Company. The Company, U.S. Bank Trust Company
2024-12-11	direct financial obligation	$525M	senior notes	Riot Platforms, Inc., Citigroup Global Markets Inc., BTIG, LLC, Company. The Company, U.S. Bank Trust Company
2024-08-09	material definitive agreement	$750M	—	Riot Platforms, Inc., B. Riley Securities, Inc., BTIG, LLC, Roth Capital Partners, LLC, Stifel Nicolaus Canada Inc., Compass Point Research & Trading, LLC
2024-02-27	material definitive agreement	$97M	master agreement	Riot Platforms, Inc.

What has it borrowed, and at what cost?

Each note tranche in the ledger priced since 2024, as the company itself states it, and each credit facility as signed. Nothing is netted, nothing is estimated.

No note tranche since 2024. A convertible is not counted here; it is equity in a bond's clothing and sits under question 3.

Loans and credit facilities as signed

3 rows

the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn. new — a facility entered into; amendment — an increase, extension or repricing of an existing one, the amount being the new commitment as stated.


2026-08-14	delayed draw term loan “Pursuant to the terms of the Credit Agreement, the Lenders agreed to provide the Borrower with a senior secured delayed-draw term loan facility in an aggregate principal amount of up to $573.0 million (the “Facility”), which is available for borrowing during the Availability Period (as defined in the Credit Agreement), commencing on August 10, 2026.”	$573M	secured	SOFR + 2.75%	2026-12-31	Morgan Stanley Senior Funding, Inc.
2026-04-27	term loan · amended “The Second Amended and Restated Credit Agreement continues the Company’s multiple draw down secured term loan facility in an aggregate principal amount of up to $200 million (the “Loan”) and amends the Existing Credit Agreement, among other things, to change the rate per annum at which interest accrues on the Loan from a floating rate to a fixed rate and to extend the maturity of the Loan.”	$200M	secured	—	—	Company
2025-05-23	credit facility · amended “The Amended and Restated Credit Agreement amends and restates the Original Credit Agreement to, among other things: (i) increase the aggregate principal amount from $100 million to $200 million (the “Loan”); (ii) extend the Availability Period from two (2) months to three (3) months following the signing date of the Original Credit Agreement (the “Original Signing Date”); (iii) increase the number”	$200M	—	—	—	Company

Cost of debt, from its own statements

Latest quarter, 2026 Q2: cost of debt —, interest cover —, capex over operating cash flow —.

Cost of debt: 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it Interest cover: operating income ÷ interest expense. Capex over operating cash flow: cash purchases of PP&E ÷ operating cash flow; null when operating cash flow is not positive.

What equity has it sold?

Raises as announced, and shares actually sold under an at-the-market programme when the company states the period.

Equity and hybrid raises

2 rows

one equity or hybrid raise as the company announced it; the earliest announcement is the date; later reports that mention it are added as sources, never as new raises. At the market: an at-the-market program: sizeUsdB is the ceiling authorised, never an amount sold; sizeShares when the programme is sized in shares.


2025-12-31	atm “Under the Sales Agreement, we will deliver placement notices to the Sales Agents designating the dollar amount or number of shares to be issued and the minimum price per share of our common stock to be offered, having an aggregate offering price of up to $500,000,000.”	$500M	—	—
2024-05-01	atm “In February 2024, the Company registered an offering under its at-the-market equity offering program, under which it could offer and sell up to $750.0 million in shares of the Company’s common stock.”	$750M	—	—

At the market, as the company states its own sales

28 stated period(s) across 12 quarter(s) · last four quarters to 2025-12-31: 16.7M shares for $207.7M.

The last four quarters: sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found.

When does it come due, and who holds it?

The company's own five-year schedule, what we have placed by year from the notes and facilities since 2024, and the price the funds that hold its paper report.

Its own maturity schedule

1 rows

The company's own maturity schedule, as it states it. Not our arithmetic. $0M: a year it states as zero; a dash: a year with no figure.


2026-06-30	$0M	$0M	$0M	$0M	—	—	$0M

What we have placed by maturity year, since 2024

1 rows

notes in the ledger since 2024 plus loans as signed since 2024, summed by maturity year and company — recent borrowing only, not the whole balance sheet. sums of stated amounts; a loan with a year-only maturity ('N-year facility') sits in that year; nothing discounted, netted or estimated.


2026	—	$573M	0	1

No fund-reported price for its paper. Fund holdings are matched only on identifiers the ledger already holds, so a tranche with no CUSIP in the ledger cannot be matched.

How does it compare?

The same twelve measures every company on the AI trade page carries, beside the median across them. Below each measure, the arithmetic behind it.

Twelve measures, beside the median

11 rows


Self-funding operating cash flow $-0.5B ÷ capex $0.3B over 4 quarters to 2026Q2	-1.74×	1.31× across 40 companies	2026Q2
Funding mix of $0.3B of capex over 4 quarters to 2026Q2: operations -173.6%, new debt 201.8% ($0.0B notes + $0.6B facilities), equity 73.2%	-173.6%	—	2026Q2
Off balance sheet (not-commenced leases + purchase obligations) ÷ (that + long-term debt)	— neither part stated	41.9% across 23 companies	2026-06-30
Committed facilities $0.6B committed across 1 new facilities, 0.68× the $0.8B of long-term debt on the balance sheet	$573M	—	2026-06-30
Marginal cost of debt principal-weighted coupon of debt priced in the last twelve months	— nothing priced with a fixed coupon in the window	—	—
New-issue spread coupon − 10-year Treasury on the pricing date, USD tranches only	— no USD fixed-coupon tranche priced in the window	—	—
Floating-rate share $0.6B floating ($0.0B notes + $0.6B facilities off SOFR) ÷ $0.6B raised	100%	0% across 40 companies	—
Rate shock (+100 bp) $0.6B of floating debt × 100 bp = $0.01B more interest a year	$6M	—	—
Secured share of new facilities $0.6B secured ÷ $0.6B committed	100%	0% across 24 companies	—
Refinancing burden $0.0B due within two years; no positive operating cash flow to compare	— operating cash flow is nil or negative	0.15× across 23 companies	2026-06-30
Liquidity runway ($0.5B cash and equivalents as tagged — short-term investments are not included — + $0.6B committed) ÷ $0.1B a quarter of capex and interest, as of 2026Q2	14.7	—	2026Q2

Does our ledger explain its balance sheet?

Across 2 of 7 quarter(s) its debt rose $832M and the notes we hold for those quarters total $0M — 0% explained.

the change in the filer's own borrowings over a fiscal quarter, against the principal of the tranches our ledger says were priced inside that quarter; this is not a reconciliation to the penny and is not meant to be; we do not track repayments, draws under facilities, commercial paper or currency translation.