VanEck's new report highlights a significant funding challenge for Bitcoin miners transitioning into artificial intelligence (AI) and high-performance computing (HPC) sectors. The report estimates a near-term funding gap of approximately $50 billion for publicly traded miners pursuing AI data-center opportunities. Long-term capital needs could potentially reach $221 billion. VanEck suggests investors should increasingly value these companies based on their gross energized power, not solely on Bitcoin production.
The report specifically mentions TeraWulf, which has already signed significant AI leases. Companies with existing AI deals, including TeraWulf, Hut 8, and Cipher Mining, trade at a premium valuation of more than 10 times their gross energized power. Miners still marketing their future capacity trade at lower multiples. The analysis underscores the market's positive reception to miners securing AI-related contracts. It also points to future execution and construction milestones as the next key valuation catalysts.