Three former Bitcoin mining companies—Applied Digital, IREN, and TeraWulf—are transforming their power-advantaged sites into AI infrastructure hubs by leasing capacity to hyperscalers and AI labs. This shift addresses a critical bottleneck: secured megawatts and pre-permitted land for AI data centers, which even GPU makers like NVIDIA cannot quickly supply. Each company shows strong contracted revenue growth but carries risks from heavy debt, customer concentration, and long-term project delivery timelines. Investors should watch upcoming project milestones and revenue ramps as these firms scale their AI hosting businesses.
Cipher Digital's stock fell 5% following the pricing of an $850 million zero-interest convertible note aimed at funding an expansion of its AI data center projects, including the Barber Lake site. The company also plans a share exchange that increase...
Cipher Digital's stock dropped 14% following its announcement of an $850 million convertible senior notes offering combined with an exchange of existing debt for shares, which causes immediate shareholder dilution. The company is funding its data cen...
Applied Digital, which builds AI data centers with $36 billion in contracted revenue, has seen its stock fall 15.8% year to date due to high debt and unprofitability despite strong lease contracts. Meanwhile, Wolfspeed, a maker of power chips for AI ...
IREN Limited's stock rose 4% following an unconfirmed report that it signed a multiyear AI cloud contract with Anthropic, a private AI developer. This potential deal could add a major frontier AI lab to IREN's customer list, which already includes Mi...
