JPMorgan Upgrades Cipher and CleanSpark as Bitcoin Miners Expand into HPC
Wall Street bank JPMorgan is upgrading its outlook on U.S.-listed bitcoin miners, highlighting the impact of high-performance computing (HPC) deals that are reshaping business models and providing clearer long-term revenue visibility.
Cipher Mining (CIFR) was upgraded to overweight from neutral, with a price target raised to $18 from $12. Shares rose 4.2% early to $14.74. CleanSpark (CLSK) also received an overweight rating, gaining 4.6% pre-market to $10.18.
IREN saw its price target lifted to $39 from $28, though JPMorgan maintained an underweight rating; shares rose 2.2% to $43.20. Conversely, MARA Holdings (MARA) and Riot Platforms (RIOT) had their targets trimmed due to lower bitcoin prices—MARA to $13 from $20 and RIOT to $17 from $19—while MARA rose 2.8% and RIOT 1.8%.
JPMorgan highlighted $19 billion in contracted revenue across 600 MW of IT capacity signed by IREN and Cipher since September, reflecting miners’ pivot from bitcoin-only operations to hybrid HPC strategies. The bank projects roughly 1.7 GW of critical IT capacity across its coverage by late 2026.
Cipher’s 45% pullback makes it an attractive entry, supported by 600 MW of contracted capacity with AWS and Fluidstack, while CleanSpark’s upgrade reflects 200 MW of potential HPC at its new Texas site. Analysts also raised equity value per megawatt—$8M–$17M for colocation and up to $19M for integrated cloud—citing stronger cash-flow visibility.
While Riot and CleanSpark show strong upside under full HPC adoption, Cipher retains the largest long-term optionality including future unapproved capacity.
