Cantor's Weekly AI Infra Recap

研报英文原文证据摘录

Cantor's Weekly AI Infra Recap

July 5, 2026

seems future deals have become less priced in, which, in our view, makes risk/reward

attractive. In particular, we would call out:

●HUT is now trading below the value of the deals it has signed (by our estimates).

●WULF was arguably pricing in its next two deals, but now appears to not even be

pricing in its next deal (with that deal being imminent).

●CORZ is now trading slightly above what we value the CRWV deal to be worth,

and arguably has the most power to lease over the next 18 months.

●CIFR appeared to be pricing in its next two deals, Ulysses and Revielle, but now

it seems those deals are no longer fully priced in, and we have an ERCOT-related

catalyst on the horizon that should meaningfully increase the amount of power

that is in play.

●KEEL - we believe the three in-play situations were nearly 65-70% priced in, and

now appear to be just above 50% priced in.

OpenAI. Reports (link) emerged last week about OpenAI being in talks to give the US

government a 5% stake in the business. The argument OpenAI is making is that this

move would give the US public a way to share the benefits of AI.

QTS (private). QTS announced this week that it was abandoning a planned northern

Virginia data center. We would like to flag that this is not due to demand but to legal

rulings (zoning did not get approved).

Firmus (private). Firmus, an Australia-based neocloud, announced a strategic

compute partnership with NVDA this week. The partnership runs through 2034

and encompasses 170k GPUs across 360 MW at their Indonesia location. Firmus

quoted that it expects to generate $25-$30bn in revenue over the first six years of

this contract, coming from customer off-take commitments. We believe this deal is