Bitcoin Miners Pivot to AI — And Some May Be Undervalued

Some companies that used to focus only on mining bitcoin are now doing something new — and analysts think investors are missing how valuable it is.

The big shift: from bitcoin to AI

Many bitcoin miners (companies that run huge warehouses of computers to earn bitcoin) are turning their sites into AI data centers. These are facilities that rent out computing power to artificial intelligence companies — much like a landlord renting out property.

A research firm called Compass Point argues that these companies should now be judged differently. Instead of valuing them based on the ups and downs of the bitcoin price, investors should look at the rental income they've already locked in through signed contracts with AI customers.

Why this matters

Think of it like owning an apartment building with tenants who've already signed multi-year leases. That guaranteed rent has real value — even before the tenants move in. Compass Point says the stock market isn't giving these companies enough credit for those signed deals.

Three companies that look 'cheap'

The analysts point to three stocks whose market value (the total price of all their shares) appears lower than the value of their signed AI contracts:

• Applied Digital (APLD)
• TeraWulf (WULF)
• Cipher Mining (CIFR)

In each case, the firm says the market is assigning little or no value to future projects that haven't yet found customers — meaning investors may be underestimating the upside.

How they measured it

Compass Point built a method that:

• Estimates future rental income from contracts already signed
• Subtracts the remaining cost of finishing each facility
• Compares that number to the company's enterprise value (its total worth, including debt)

The bottom line

Over the next two years, analysts expect these companies' stock performance to depend less on bitcoin and more on completing projects and starting to collect rent from AI customers. If they're right, some of today's 'miners' may really be tomorrow's tech landlords.

This is an AI-generated summary. Read the original article at: https://www.coindesk.com/markets/2026/07/09/cipher-terawulf-among-ai-infrastructure-stocks-trading-below-contract-value-compass-point-argues