Summary

• Energized power is the cleanest valuation lens for now: with disclosures varying widely and cash flows still nascent, names with leases in hand command above 10x gross energized power, while those still selling a pipeline trade at 2-6x.
• Execution, not signing, becomes the next premium: the group has delivered only ~25% of leased capacity, so valuation premiums should shift toward operators that build on time and on budget, with missed construction milestones risking structural de-ratings.
• A ~$50B near-term funding gap separates pipeline from delivery: near-term capex needs far exceed cash on hand, and long-term needs approach ~$221B, making access to equity, debt, and partnership capital a key differentiator.

Bitcoin miners are pivoting to AI infrastructure. VanEck’s framework values the transition by energized power, delivery execution, and tenant quality.

Please note that VanEck has exposure to bitcoin and may have positions in certain