$23.18
87.9% vs S&P 12m
Business overview
Bitcoin miner pivoting capacity to AI HPC hosting, with multi-year CoreWeave hosting agreements.
Optionality on conversion of cheap-power mining sites to AI HPC; execution and energy economics are the swing factors.
Composite score
Higher = stronger overall research case
Fundamental62
Technical83
Valuation38
AI relevance60
Risk-adjusted (higher = safer)33
Segment-relative fundamental percentile: 82
Synthetic 1Y price action
Deterministic price series; 50d (yellow) and 200d (orange) MAs shown
3M RS: 20.6%6M RS: 45.4%12M RS: 87.9%Vol30d: 58%DD52w: -7.0%
Financial summary
Curated, illustrative
Revenue
$354.74M
Growth (YoY)
44.9%
Gross margin
21.6%
Operating margin
-18.8%
FCF
$174.97M
Capex
$398.20M
Net cash / (debt)
$-1.15B
ROIC
-4.3%
Customer conc.
Medium
Valuation
Market cap
$7.37B
Enterprise value
$8.52B
P/E (TTM)
—
Forward P/E
73.6x
EV / Sales
24.0x
EV / EBITDA
—
P / FCF
42.1x
PEG
—
Rule of 40
—
Risks
Severity 1 (low) to 5 (severe)
- 5Customer concentration on CoreWeave
- 4Capex absorption
Score components
What drove the composite
Growth96
Profitability21
Cash generation99
Balance sheet37
Moat / AI relevance62
Capital intensity (higher = lighter)20
Customer diversification60
Valuation discipline (dilution)65
Trend (MA50/MA200)95
Momentum (3/6/12m)80
Relative strength100
Realized vol (higher = lower vol)35
Segment peers
Other companies in Data centers