The research firm assigns Outperform ratings to IREN, Riot, CleanSpark, and Core Scientific, betting on 3.7 gigawatts of AI-linked capacity.
Research and brokerage firm Bernstein has assigned an “Outperform” rating to four major Bitcoin miners – IREN, Riot Platforms, CleanSpark, and Core Scientific – citing over $90 billion in announced AI deals covering approximately 3.7 gigawatts of capacity across hyperscalers, neoclouds, and chip manufacturers. MARA Holdings was maintained at “Market Perform”.
In a client note published Tuesday and titled “Bitcoin Miners: Google-Blackstone Neocloud news – Follow the Gigawatts”, analysts led by Gautam Chhugani argued that Bitcoin miners have now become integrated into AI infrastructure development, and that their access to the power grid represents a competitive advantage that is difficult to replicate. According to the note, securing a single gigawatt of power can take up to 50 months in U.S. markets, including regions with congested grids such as Texas.
The price targets set by Bernstein imply significant upside compared to Monday’s closing prices. IREN closed at $50.46 against a target of $100, representing a potential gain of 98.1%. CleanSpark closed at $13.44 versus a target of $24, implying an upside of 78.5%. MARA Holdings, despite its Market Perform rating, closed at $12.18 compared to a target of $23, with a potential upside of 88.8%. Riot Platforms closed at $23.18 against a target of $25 (7.8% upside), while Core Scientific closed at $23.57, just below its $24 target.
Analysts highlighted that miners collectively control over 27 gigawatts of planned power capacity, positioning them as natural counterparties for large-scale computing demand. Among the deals cited in the note: IREN’s plan for a 5-gigawatt AI buildout based on the Nvidia AI factory architecture and a $3.4 billion AI cloud agreement tied to GPU deployment commitments; a co-location deal between Riot and AMD for 50 megawatts with an option to expand to 200 megawatts. The note also mentions broader partnerships involving Google, Amazon, and other miners through brokered cloud agreements.
Bernstein also listed a series of company-specific risks. For Core Scientific, reallocating power from Bitcoin mining to AI could mean missing out on upside in a potential Bitcoin bull cycle. IREN’s AI expansion is described as capital-intensive and dependent on flexible financing. Riot Platforms is exposed to possible regulatory changes in Texas, including taxation or operational restrictions. MARA Holdings faces operational risks tied to its dependence on external energy partners. At the industry level, all miners are under scrutiny from environmental groups over energy consumption related to large-scale operations.
Despite these risks, Bernstein concluded that Bitcoin miners “still have an edge” thanks to their existing access to grid-connected sites and operational or development-stage facilities, in a context where demand for AI infrastructure continues to grow rapidly.
