AI Data Center Developers: Fresh Faces, Same Math; Initiating Coverage

研报英文原文证据摘录

AI Data Center Developers: Fresh Faces, Same Math; Initiating Coverage

Digital Infrastructure

Equity Research

May 14, 2026

Executive Summary

We are initiating coverage on Cipher Digital (CIFR), Hut 8 (HUT), Riot Platforms (RIOT), and TeraWulf Exhibit 5 - Power Control vs AI Monetization (Gross MW

vs Critical IT MW)(WULF), companies with access to the scarcest input in today's AI data center market: deliverable

Total Delivered

AI (Critical ITpower. AI data centers are materially more power-dense than legacy cloud infrastructure, and as Operator Total(GrossSecuredMW) Total(GrossEnergizedMW) (CriticalTotal LeasedIT MW)AI

hyperscalers race to train and deploy models, time to delivery has become the binding constraint. MW)

HUT 2270 MW 1040 MW 597 MW 0 MW

Demand is flowing to wherever power can be mobilized quickly, and this group, having secured CORZ 2668 MW 1706 MW 590 MW 243 MW

large power footprints originally built for Bitcoin mining, is uniquely positioned to capitalize. But RIOTAPLD 19321686 MWMW 12621266 MWMW 90050 MWMW 1005 MWMW

owning power is only the starting point. These stocks still trade with some correlation to Bitcoin WULFCIFR 15401177 MWMW 1258807 MWMW 522494 MWMW 600 MWMW

sentiment, and the path to infrastructure multiples runs through delivery credibility, tenant credit . KEEL 574 MW 574 MW 0 MW 0 MW Source: Jefferies, Company reports

quality, and financing execution, none of which are fully proven at scale across this group. The Secured and energized shown in gross MW. AI leased/delivered shown in critical IT MW (as disclosed). These are not directly subtractable.

2026-to-2027 period is the first window in which contracted MW should translate into reported AI

Exhibit 6 - Annual Revenue of Colocation Data Centers