Anthony Power and Bryce McNallie dive deep into the HPC AI data center contracts that are transforming Bitcoin mining companies into AI infrastructure providers, comparing deals between Applied Digital, Core Scientific, Terawulf, and Galaxy Digital with industry giants like CoreWeave and Core42.

• Applied Digital announced a $7B contract with CoreWeave spanning 15 years, causing their stock to surge 28% in a single day
• CoreWeave operates 33 data centers with 1.6 gigawatts of contracted power and generated over $1B in revenue during their first quarter as a public company
• Core Scientific secured 590 megawatts with CoreWeave over 12 years (extendable to 22), worth approximately $850M annually once fully operational
• HPC data center contracts deliver 75-80% profit margins with long-term stability compared to volatile Bitcoin mining
• Terawulf signed with Core42 for 60-70 megawatts over 10 years (extendable to 20), generating approximately $1B over the initial term
• Galaxy Digital's 133 megawatt deal with CoreWeave at Helios is worth $4.5B over 15 years with potential expansion to 400 megawatts
• Bitcoin miners with HPC contracts have seen share prices increase significantly YoY: Core Scientific (+75%), TerraWolf (+55%), Galaxy (+76%), Applied Digital (+204%)

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