Terawulf Secures $12.8B AI/HPC Deals; Miners Outpace Bitcoin

Bitcoin opened 2026 near $88,700 and traded around $76,000–$78,000 at the end of April, down about 12% year-to-date. Top publicly traded bitcoin miners posted year-to-date gains between roughly 25% and 73% over the same period.

Terawulf’s shares rose 73.58% YTD after the company disclosed more than $12.8 billion in long-term AI and high-performance computing contracts with Fluidstack and Core42 for sites in Hawesville, Kentucky, and Morgantown, Maryland. The agreements scale toward roughly 1 gigawatt of available power and have pushed HPC to account for over half of Terawulf’s annual revenue.

Hut 8’s stock gained 67.75% YTD and is trading near $77.06 after the company anchored a roughly $7 billion, 15-year lease at its River Bend campus with Anthropic and Fluidstack as counterparties. Hut 8 reports a development pipeline totaling about 8.5 GW across due diligence, exclusivity and active construction stages.

Riot Platforms rose 47.04% YTD. The company holds about 1.7 GW of power capacity across Texas campuses, including Corsicana and Rockdale, and has begun construction of 112 MW of AI-ready core-and-shell capacity at Corsicana as part of a planned 600 MW buildout.

Core Scientific has secured an estimated $10 billion to $12 billion in contracted revenue through partnerships with CoreWeave, covering roughly 590 MW of critical IT load across six sites, including a $1.2 billion expansion in Denton, Texas. Analysts project HPC will account for about 70% of the company’s 2026 revenue.

Applied Digital has multiple 15-year leases with CoreWeave for 400 MW of critical load at its North Dakota campus, producing an estimated $11 billion in contracted revenue and hosting margins above 25%.

IREN Limited reports a multi-billion-dollar partnership with Microsoft for AI cloud services and a 4.5 GW power pipeline, with HPC revenue projected near 71% of total by year-end. Cipher Digital has largely exited bitcoin production and holds roughly $9.3 billion in contracted HPC backlog anchored by a 300 MW agreement with AWS and a Fluidstack deal backed by Google.

Bitdeer is developing a 180 MW AI data center in Tydal, Norway, designed for Nvidia Vera Rubin GPUs but has not reported large contracted revenue from the pipeline. Cleanspark has more than 1.8 GW of power under contract and is engaged in discussions with hyperscalers; initial AI deployments are planned for 2026–2027.

Market pricing of miner stocks has reflected contracted backlog, delivery timelines and the quality of hyperscaler counterparties. For miners that have closed long-term AI and HPC leases, bitcoin price movement has been a secondary factor in recent stock performance.