After Bitcoin’s recent drop below $100,000 pressured crypto-mining equities, several miners can still rally because they are pivoting into AI data centers and have secured large tech contracts: Nebius (NBIS) has pivoted away from crypto, won a roughly $3 billion, five‑year deal with Meta and a separate multi‑billion Microsoft pact, reported Q3 revenue up 355% year‑over‑year and drew a Goldman Sachs Buy reaffirmation with a $155 target; IREN (IREN) is focused on AI cloud services with a 3.2 GW pipeline and a $9.7 billion, five‑year Microsoft agreement for 200 MW (though 97% of Q1 FY26 revenue was still from Bitcoin), and carries a Roth MKM $94 target; and Terawulf (WULF) is scaling contracted capacity 250–500 MW/year, pointing to material recurring revenue upside after its 168 MW, 25‑year deal with Fluidstack (priced at roughly $380 million/year or ~$2.26 million/MW), prompting analyst buy ratings—collectively these AI pivots and big‑tech contracts provide alternative growth drivers and leave room for further upside if Bitcoin rebounds.
Bitcoin’s slide below $100,000 over the past month has pressured crypto-mining equities, yet the article highlights three miners — Nebius (NBIS), IREN (IREN) and Terawulf (WULF) — that have material alternative growth drivers tied to AI data centers and large tech contracts. Nebius reported 355% year‑over‑year revenue growth in Q3, has a reported ~5‑year, ~$3 billion deal with Meta plus a separate multi‑billion Microsoft agreement, and saw Goldman Sachs raise its price target from $137 to $155 while reiterating Buy; its Q3 investor materials omit the words “Bitcoin” and “crypto,” signaling an explicit pivot toward AI infrastructure. IREN touts a 3.2 GW pipeline and a $9.7 billion, five‑year Microsoft contract for 200 MW but remains Bitcoin‑dependent today (97% of Q1 FY26 revenue from Bitcoin), with Roth MKM assigning a $94 target. Terawulf secured a 168 MW, 25‑year Fluidstack lease equating to $380 million/year ($2.26M/MW/year) and plans to add 250–500 MW/year, implying $565M–$1.13B potential incremental annual recurring revenue; Compass Point maintains a Buy with a $17 target. These contracts create recurring‑revenue and diversification levers that can support valuations independently of short‑term BTC moves, but outcomes hinge on execution: site acquisition, buildout pace and revenue recognition from multi‑year deals. Near‑term risks include continued Bitcoin weakness (which still drove recent results for IREN and Terawulf), single‑counterparty concentration with Microsoft/Meta, and the timing gap between signing large deals and meaningful AI revenue realization. Key catalysts to monitor are quarterly AI revenue trends, contracted MW ramp, contract monetization milestones and any reallocation of mining capacity as firms repurpose assets toward AI workloads.
AI-powered research, real-time alerts, and portfolio analytics for institutional investors.
Request a DemoOverall Sentiment
moderately positive
Sentiment Score
0.50
Ticker Sentiment
