Overview
- JPMorgan upgraded Cipher Mining and CleanSpark to Overweight and lifted Cipher’s price target to $18 for December 2026, while keeping CleanSpark at $14.
- The firm raised its per‑megawatt framework, valuing critical IT colocation at $8 million to $17 million and integrated cloud capacity up to $19 million.
- Analysts cited more than 600 MW and over $19 billion in contracted cloud and colocation deals since late September, primarily by IREN and Cipher.
- The report forecasts roughly 1.7 GW of critical IT capacity across covered miners by late 2026 and highlights Cipher’s ~600 MW contracted load with tenants including AWS and Fluidstack.
- Targets were cut for Marathon Digital to $13 and Riot Platforms to $17 on revised bitcoin and share‑count assumptions, with diluted share estimates 20%–33% above Bloomberg figures.