Why I Am Long on the Bitcoin Miner Becoming an AI Infrastructure Landlord
Summary
I rate the the AI infrastructure a Buy. The thesis is no longer limited to bitcoin production: 241 MW of contracted critical IT capacity now provides a credible path toward recurring, high-margin data center income.
The signed leases represent about $9.8 Bn of contracted revenue. At full deployment, management expects $416 Mn to $462 Mn of annual net operating income, against $2.3 Bn to $2.5 Bn of development spending.
The balance sheet can fund the near-term build if project financing closes as planned. The company ended June with $1.2 Bn of cash and bitcoin, while management estimates only $30 Mn to $280 Mn of net equity is required for the 191 MW project.
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