J.P. Morgan refreshed its ratings and price targets on major bitcoin miners, moving Riot Platforms (NASDAQ: RIOT) to overweight and downgrading IREN (NASDAQ: IREN) to underweight and CleanSpark (NASDAQ: CLSK) to neutral after framing potential upside from HPC colocation and cloud services.
Get these headlines directly to your inbox: subscribe to Blockspace.
The September 26 report raises price targets for miners with nascent HPC exposure. IREN’s target rises to $24 (from $16), Cipher Mining (NASDAQ: CIFR) climbs to $12 (from $6) and Riot to $19 (from $15). The firm trimmed targets for CleanSpark to $14 (from $15) and MARA (NASDAQ: MARA) to $20 (from $22). All price targets now extend to December 2026.
J.P. Morgan assigned a 50% probability that leading miners sign new colocation deals using excess power capacity, referencing Core Scientific’s ~800 MW agreement with CoreWeave as a benchmark for single-tenant demand. Under this framework, Riot offers the most relative upside at +14%, while IREN appears to be fully pricing in a record-scale Sweetwater deal, exposing it to more downside risk than near-term gain.
J.P. Morgan also values HPC colocation contracts at $3.7 million–$8.6 million of equity per gross MW (or $4.8 million–$11.2 million per critical IT MW) and estimates GPU cloud services at ~$5.3 million of equity per MW. These benchmarks underpin the refreshed valuations, reflecting growing enterprise demand for compute alongside traditional bitcoin-mining operations.
Watch More: Cipher Mining Lands Google Deal, MicroBT Opens U.S. Shop, IREN Doubles GPU Fleet
