The investment bank sees AI revenue across its coverage universe growing nearly ninefold by 2030, with both former Bitcoin miners positioned as 'power landlords' for the data center boom.
Bernstein has kicked off coverage of TeraWulf and Cipher Mining with Outperform ratings, slapping $36 and $32 price targets on them respectively. The thesis is straightforward: these former Bitcoin miners are sitting on exactly what the AI industry desperately needs, which is massive, grid-connected power infrastructure.
The investment bank projects that aggregate AI revenue within its coverage universe will balloon from $1.2 billion in 2026 to $10.7 billion by 2030. Bernstein projects TeraWulf will generate $1.7 billion in AI revenue, while Cipher Mining is expected to pull in $1.2 billion.
From hash rates to hyperscalers #
TeraWulf’s transformation is already well underway. The company reported Q1 2026 revenue of $34 million, with 60% of that coming from HPC leases rather than Bitcoin mining. TeraWulf has amassed over $12 billion in long-term contracted HPC revenue, giving it the kind of revenue visibility that Bitcoin mining, with its halving cycles and hash rate competition, never could.
Bernstein joins a growing chorus #
Morgan Stanley kicked things off back in February 2026, initiating Overweight coverage on both firms with price targets between $37 and $38. Jefferies followed in May with Buy ratings, assigning a $32 target for Cipher and $28 for TeraWulf.
When Bernstein rolled out its Outperform ratings in early June, the market’s reaction was muted. Shares of both companies have already posted substantial gains throughout 2026, meaning a lot of the AI pivot optimism was already priced in by the time the third major bank showed up with a bullish note.
What this means for crypto investors #
TeraWulf’s $12 billion in long-term HPC contracts is a staggering figure for a company that was mining Bitcoin full-time just a couple of years ago. Companies with large, secured power positions and proximity to grid infrastructure are likely to attract similar attention from Wall Street. The “power landlord” framing essentially turns these firms into utilities with AI exposure.
The risk is competition. The ones that have actually signed contracts, like TeraWulf with its 60% HPC revenue mix, are in a fundamentally different position than those still working on feasibility studies. Bernstein’s revenue projections assume continued execution on these contracts and sustained demand for AI compute capacity through the end of the decade.
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