Riot Platforms reported second quarter 2026 results that combined higher total revenue with a substantial net loss, while also announcing a new 20-year AI infrastructure agreement. The stock last closed at $19.37, down 21% over three months but still up 74% over the past year. A widely followed narrative sets fair value at $29.50, implying the stock is 34.3% undervalued, based on assumptions of rapid revenue expansion and margin improvement tied to Bitcoin adoption and AI data center demand. However, the current price-to-sales ratio of 11.2 times sits well above an estimated fair ratio of 3.7 times and the US Software industry average, though it remains below a peer average of 30.5 times.
