The semi-invariant ring as the Cox ring of a GIT quotient

We study GIT quotients $X_\theta=V\!/\!\!/\!_\theta G$ whose linearisation map defines an isomorphism between the group of characters of $G$ and the Picard group of $X_\theta$ modulo torsion. Our main result establishes that the Cox ring of $X_\theta$ is isomorphic to the semi-invariant ring of the $\theta$-stable locus in $V$. This applies to quiver flag varieties, Nakajima quiver varieties, hypertoric varieties, and crepant resolutions of threefold Gorenstein quotient singularities with fibre dimension at most one. As an application, we present a simple, explicit calculation of the Cox ring of the Hilbert scheme of $n$-points in the affine plane.