THE WINNERS OF THE AI UTILITY TRADE
Cheap Bitcoin power sites are being rebuilt into GPU-dense infrastructure as a new wave of AI cloud providers races to lock in low-cost power and rack space.
THE MINERS FLIPPING TO AI HOSTING
• $Cipher Mining Inc.(CIFR)$ has a ~170 MW, 10-year hosting contract with Fluidstack that’s backed by $Alphabet(GOOGL)$ with a 5% equity stake.
• $IREN Ltd(IREN)$ still mines Bitcoin but building up ~900 MW of power capacity today & targeting 2.9 GW by late 2026 at its new Sweetwater hub is essentially building enough infra to triple its size for AI workloads.
• $TeraWulf Inc.(WULF)$ signed two 10-year deals to host ~360 MW of AI compute at Lake Mariner that’s enough to power thousands of $NVIDIA(NVDA)$ GPU racks that’s also backed by GOOGL.
AI CLOUD OPERATORS
• $CoreWeave, Inc.(CRWV)$ is the GPU cloud player behind most of these deals since locking up cheap power by buying $CIRTRAN CORPORATION(CIRZ)$ outright & leasing hundreds of MW from miners like $APPLIED DIGITAL CORP(APLD)$ , $TeraWulf Inc.(WULF)$ , and $Cipher Mining Inc.(CIFR)$ to secure AI-ready rack space before the rest of the market can.
• $NEBIUS(NBIS)$ signed a $17B+ multi-year deal with $Microsoft(MSFT)$ Azure to supply GPU-dense racks from its U.S. campuses that’s putting it directly up against CoreWeave in the AI cloud land-grab.
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