Bitcoin Miners' AI Deals See Stock Pops Shrink
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- Blocksbridge Consulting analyzed 25 AI/HPC infrastructure deals announced between June 2024 and August 2026 and found average announcement-day stock moves fell from roughly 24% for the earliest contracts to about 10% for the most recent ones, with median gains also dropping by roughly half.
- Core Scientific's first CoreWeave hosting deal sent shares up more than 40%, while Applied Digital's initial CoreWeave lease gained nearly 49%, illustrating the outsized early reactions that have since faded.
- TeraWulf's first Fluidstack deal surged almost 60%, but its 401-megawatt lease with Anthropic lifted shares only about 5%, a dramatic cooling in market response.
- CleanSpark's $6.6 billion AI hosting agreement gained roughly 9%, and Bitdeer's new Tydal contract briefly pushed the stock up roughly 12% before those gains evaporated by market close.
- Despite weaker stock reactions, annualized revenue per contracted megawatt has edged higher over time, indicating the AI hosting agreements themselves are becoming more lucrative.
- TheEnergyMag's TEM AI Infrastructure Growth Index is down roughly 28.5% from its June peak, while the Philadelphia Semiconductor Index has fallen nearly 17% from its July high, signaling a broader AI infrastructure pullback.
Why it matters: Bitcoin miners who rebranded as AI infrastructure providers are now being judged on execution, financing, and long-term profitability rather than headline contract value, meaning future deal announcements will need to demonstrate concrete revenue ramps — the TEM AI Infrastructure Growth Index is already down 28.5% from its June peak despite growing underlying deal economics.
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