AI Contracts, Not Bitcoin, Now Drive Miner Valuations, and Cipher and TeraWulf Look Cheap

Compass Point said signed AI data center leases, not bitcoin exposure, are increasingly driving valuations for former miners, and argued Cipher Mining (CIFR) and TeraWulf (WULF) look undervalued. According to CoinDesk, analysts Michael Donovan and Ed Engel estimate the value of future rental income from contracted AI leases net of remaining build costs and compare it with enterprise value, finding the biggest disconnects at Applied Digital (APLD), WULF and CIFR. The report said Core Scientific (CORZ) already reflects existing contracts, while Riot Platforms (RIOT) trades more on future AI pipeline potential.