On November 25, JPMorgan Chase released its latest industry report, which made a comprehensive rating adjustment to Bitcoin mining companies and data center operators transforming to high-performance computing (HPC), indicating that the industry is entering a "high-certainty phase of HPC/cloud computing transformation".
Since the end of September, mining companies have signed long-term AI/HPC contracts exceeding 600 MW, including collaborations with giants such as AWS, Google-backed FluidStack, and Microsoft. JPMorgan predicts that by the end of 2026, mining companies will announce approximately 1.7 GW of critical IT load plans, representing about 35% of approved power capacity.
The rating changes are as follows:
• Cipher Mining: Upgraded to Overweight, with a target price of $18 (previously $12).
CleanSpark: Maintain Overweight rating, target price $14;
• IREN: Target price $28 → $39, but maintain the "reduce" rating;
• MARA: Target price $20 → $13;
Riot: Target price $19 → $17.
JPMorgan Chase predicts that mining companies will add 1.7 GW of HPC critical IT capacity by 2026.
