Leopold Aschenbrenner’s Situational Awareness 5 Under-The-Radar AI Stock Picks

4. Riot Platforms (NASDAQ:RIOT)

Situational Awareness Stake Value: $142,166,413

Situational Awareness is apparently a fan of former Bitcoin players transitioning into AI and data centers. Riot Platforms (NASDAQ:RIOT) is one such name, pivoting away from Bitcoin mining toward becoming a full-scale data center host. The stock is up roughly 90% year-to-date in 2026 amid investor enthusiasm for this strategic shift.

Its anchor deal is with AMD, under which Riot is delivering 50 MW of compute capacity at its Rockdale facility by May 2027 — starting at 35 MW from November 2026 and scaling to the full 50 MW by May 2027. AMD also holds options to expand that footprint all the way to 200 MW at Rockdale. The full 50 MW contract is expected to generate $55.6 million in annualized operating lease revenue for Riot beginning in FY2028.

Riot Platforms’ (NASDAQ:RIOT) flagship development site is its Corsicana, Texas facility, which has the potential to reach 1 GW of total capacity. About 400 MW are currently operational, and Riot has begun construction of its first core and shell building, which will add 168 MW of critical IT capacity when completed in Q2 2027. The full buildout envisions four facilities of roughly 168 MW each, totaling 756 MW of critical IT capacity at the site.

Riot Platforms (NASDAQ:RIOT) builds and operates Tier 3 data centers — large-scale facilities designed to meet the power density and reliability requirements of AI and hyperscaler workloads. Its revenue model has two components. Tenant fit-out revenue, which was $32.2 million in Q1 2026, is essentially a cost reimbursement arrangement where Riot builds out the facility to a tenant’s specifications and gets reimbursed — it carries no capital risk but also generates no recurring income. Operating lease revenue is the recurring component that scales as capacity comes online, and that is where the long-term value lies.

Wall Street forecasts roughly 28% revenue growth for fiscal 2027, with consensus revenue expected to reach $842 million, up from $659 million in 2026, and projections pointing to over $2 billion in revenue by 2029. The stock currently trades at 13.8x expected 2026 sales and 10.8x expected 2027 sales, both well above the sector median of 3.3x price-to-sales.