Riot Platforms (RIOT) signed a power supply agreement with Terrestrial Energy for small modular reactor (SMR) capacity to support AI/HPC data center operations.
Riot Platforms shares surged more than 12% in intraday trading on Wednesday, reaching their highest level since March 2022. The rally follows the company’s announcement of a partnership with Terrestrial Energy to develop nuclear-powered data centers. Under the agreement, Riot will co-locate hyperscale data centers alongside Terrestrial Energy’s molten salt reactors, creating a dedicated energy supply for artificial intelligence workloads, high-performance computing, and Bitcoin mining.
The initiative could eventually scale to 4 gigawatts of nuclear capacity, though commercial deployment is not expected until the early 2030s. The project relies on Terrestrial Energy’s Integral Molten Salt Reactor (IMSR) technology, which the company describes as a newer, smaller design that is safer, more flexible, and faster to construct than traditional nuclear facilities. Riot will oversee the construction and operation of the data centers, while the IMSR plants—each rated at 390 megawatts—will utilize standard-assay low-enriched uranium (SALEU) fuel. Natural gas may initially serve as a bridge fuel to accelerate operations and ensure grid resilience. Both companies are currently evaluating potential sites in Texas and Kentucky, alongside other locations, though all projects remain in early development stages.
The announcement propelled RIOT’s stock to $23.64, marking its peak since March 2022, and placed it among the most-trending tickers on Stocktwits. Retail sentiment around the company shifted from “bullish” to “extremely bullish,” accompanied by high message volume. Terrestrial Energy’s stock (IMSR) also rallied more than 15% intraday, joining the platform’s top trending lists with sustained bullish sentiment and elevated chatter. The IMSR technology provides Riot with a distinct advantage over competing Bitcoin miners that are similarly transitioning toward data center infrastructure.
This strategic move underscores Riot’s broader pivot away from pure Bitcoin mining. Beginning in early 2025, the company paused new mining expansions at its Corsicana facility to redirect capital toward AI and diversified infrastructure. Activist investor pressure intensified in February 2026 as mining profitability declined, prompting Riot to accelerate the sale of its Bitcoin holdings to fund data center growth. In the first quarter of 2026 alone, the company liquidated 3,778 BTC. Riot now holds approximately 15,679 BTC, valued at roughly $1.2 billion, including 5,802 BTC pledged as collateral. Bitcoin’s price rose 0.32% over the past 24 hours to approximately $81,800, retreating slightly after briefly surpassing $82,500 earlier in the day.
Adding to the positive market momentum, H.C. Wainwright upgraded its price target on RIOT to $25 from $23, maintaining a “Buy” rating. The firm cited strong first-quarter momentum and the strategic partnership with Advanced Micro Devices (AMD), despite the company missing earnings expectations. Year-to-date, RIOT’s stock has climbed 75%, while IMSR has gained more than 30%.