BlockBeats News, November 25th: In its latest industry report, JPMorgan Chase conducted a comprehensive rating adjustment of Bitcoin mining companies and data center operators transitioning to High-Performance Computing (HPC), indicating that the industry is entering the “high certainty stage of HPC/cloud computing transformation.”
Since the end of September, mining companies have signed over 600 MW of long-term AI/HPC contracts, including partnerships with industry giants such as AWS, Google-backed Fluidstack, and Microsoft. JPMorgan expects that by the end of 2026, mining companies will announce approximately 1.7 GW of critical IT load build-out 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: Maintained at Overweight, with a target price of $14;
· IREN: Target price $28 → $39, but still maintained at Underweight;
· MARA: Target price $20 → $13;
· Riot: Target price $19 → $17.
JPMorgan Chase estimates that mining companies will add 1.7 GW of critical IT HPC capacity by 2026.
