Wall Street bank JPMorgan is sharpening its view on U.S.-listed Bitcoin miners as a wave of high-performance computing (HPC) deals reshapes business models and adds clarity to long-term revenues.
The bank upgraded Cipher Mining (CIFR) from neutral to overweight and raised its price target on the stock from $12 to $18. Shares were up 4.2% in early trading, at $14.74.
CleanSpark (CLSK) was also raised from neutral to overweight. The stock rose 4.6% in pre-market trading to $10.18.
IREN’s price target was raised from $28 to $39. The bank maintained its underweighting in the Bitcoin miner. Shares were up 2.2% at $43.20.
Overweight MARA Holdings (MARA) and Riot Platforms (RIOT) both saw their price targets drop due to the decline in bitcoin’s price. MARA’s was reduced from $20 to $13, Riot’s from $19 to $17. MARA rose 2.8% to $10.35, RIOT gained 1.8% to $12.94 at press time.
The bank pointed to the more than $19 billion in contracted revenue on 600 megawatts (MW) of critical computing capacity signed by IREN and Cipher since late September, evidence, it said, of miners’ accelerated shift from bitcoin-only exposure to hybrid HPC operators.
JPMorgan now projects approximately 1.7 gigawatts (GW) of critical computing capacity across its footprint by the end of 2026, led by IREN and Cipher.
Cipher’s 45% decline from recent highs provides a compelling entry, the report claims, given its contracted capacity of around 600 MW with major tenants like AWS and Fluidstack. CleanSpark’s upgrade reflects approximately 200 MW of potential HPC capacity at its new Texas site.
The bank’s analysts now assign a higher net value per megawatt, $8 million to $17 million for colocation and up to $19 million for integrated cloud, thanks to lower discount rates and better cash flow visibility.
Riot and CleanSpark show the greatest potential under a full HPC conversion, although Cipher retains the greatest long-term option by including unapproved future capacity.
Learn more: Bernstein Raises Targets for Bitcoin Miners as AI Infrastructure Play Continues to Gain Momentum
