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JPMorgan raises ratings for Cipher and CleanSpark, lowers target prices for MARA and Riot, as Bitcoin mining companies face an overall reevaluation.

On November 25, JPMorgan released its latest industry report, conducting a comprehensive rating adjustment for Bitcoin mining companies and data center operators transitioning 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 over 600 MW of long-term AI/HPC contracts, including collaborations with giants such as AWS, Google-supported Fluidstack, and Microsoft. JPMorgan expects that by the end of 2026, mining companies will announce approximately 1.7 GW of key IT load construction plans, accounting for about 35% of approved electricity capacity. The rating changes are as follows: · Cipher Mining: upgraded to overweight, target price $18 (previously $12); · CleanSpark: maintained overweight, target price $14; · IREN: target price $28→$39, but still maintained underweight; · MARA: target price $20→$13; · Riot: target price $19→$17. JPMorgan expects mining companies to add 1.7 GW of key IT capacity for HPC before 2026.

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