JPMorgan Upgrades Cipher and CleanSpark as Bitcoin Miners Expand into HPC
JPMorgan has upgraded its outlook on U.S.-listed bitcoin miners, highlighting high-performance computing (HPC) deals that are reshaping business models and providing clearer long-term revenue visibility.
Cipher Mining (CIFR) was raised to overweight from neutral, with a price target lifted to $18 from $12; shares climbed 4.2% to $14.74. CleanSpark (CLSK) also received an overweight rating, rising 4.6% pre-market to $10.18.
IREN saw its price target increase to $39 from $28, though JPMorgan maintained an underweight rating; shares gained 2.2% to $43.20. MARA Holdings (MARA) and Riot Platforms (RIOT) had their price targets cut due to lower bitcoin prices—MARA to $13 from $20, RIOT to $17 from $19—with MARA up 2.8% and RIOT 1.8%.
The bank noted $19 billion in contracted revenue across 600 MW of IT capacity signed by IREN and Cipher since September, signaling a shift from bitcoin-only mining to hybrid HPC operations. JPMorgan expects roughly 1.7 GW of critical IT capacity across its coverage by late 2026.
Cipher’s 45% pullback makes it an attractive entry point, supported by 600 MW of contracted capacity with AWS and Fluidstack. 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 improved cash-flow visibility.
While Riot and CleanSpark show significant upside under full HPC adoption, Cipher retains the largest long-term optionality, including potential future capacity.
