JPMorgan revised its view of the **Bitcoin**-mining sector on Monday, signaling stronger confidence in companies shifting their operations toward high-performance computing and cloud workloads.
The bank issued upgrades for Cipher Mining and CleanSpark, while dialing back expectations for several long-established mining firms.
Analysts Reginald Smith and Charles Pearce said the industry is moving into a more defined phase of AI-focused infrastructure growth.
Since late September, miners and data-center operators have signed more than 600 megawatts of long-term commitments tied to artificial-intelligence compute, including deals with AWS, Microsoft, and the Google-backed platform Fluidstack.
With that momentum, JPMorgan now expects miners to unveil about 1.7 gigawatts of new critical-IT capacity by the end of 2026, which would amount to roughly one-third of their currently approved power footprint.
Cipher Mining received the largest revision.
JPMorgan upgraded the stock to Overweight from Neutral and increased its December 2026 price target to 18 dollars from 12.
The analysts pointed to Cipher’s recent 410-megawatt slate of HPC agreements and noted the company’s share price has fallen about 45 percent from recent highs, creating what they described as an attractive entry point.
The bank projects Cipher could secure around 480 megawatts of critical-IT capacity by 2026, equal to roughly 64 percent of its authorized capacity and said longer-dated projects planned for 2028 and 2029 could justify significantly higher valuations if the firm fully embraces HPC.
CleanSpark also moved to Overweight, with JPMorgan reaffirming its 14-dollar target.
The firm’s new 285-megawatt site in Texas is estimated to hold about 200 megawatts of HPC potential, which the analysts value at about 13 million dollars per megawatt.
JPMorgan raised its price target for IREN to 39 dollars from 28, citing improved assessments of vertically integrated cloud capacity after the company secured a 9.7-billion-dollar deal with Microsoft earlier this month.
Despite this, the bank kept an Underweight rating, arguing that the stock already reflects expectations for future HPC-cloud development at sites that have yet to be built out.
According to JPMorgan, IREN could reach 660 megawatts of contracted critical-IT load by 2026, enough to support around 250,000 GPUs and an estimated 6 billion dollars in annualized cloud-services revenue.
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