Bernstein Predicts $110 B Power Contracts to Fuel AI Revenue to $10.7 B
CIFR•Bernstein initiates coverage on TeraWulf and Cipher Digital with Outperform ratings, citing 17 contracts valued at $110 billion for 6 gigawatts of power to Google, Amazon, Microsoft, Nvidia and CoreWeave. The firm forecasts AI revenue climbing from $1.2 billion to $10.7 billion by 2030 with margins up to 93%.
1. Coverage Initiation and Ratings
Bernstein initiated coverage on TeraWulf and Cipher Digital with Outperform ratings, framing these former crypto-centric operators as vital providers of large-scale power infrastructure for artificial intelligence workloads.
2. Power Contract Portfolio
Over the past two years, Bitcoin miners secured 17 contracts worth $110 billion, delivering 6 gigawatts of electricity to major technology companies such as Google, Amazon, Microsoft, Nvidia and CoreWeave, representing roughly 10% of U.S. AI data centers under construction.
3. AI Revenue Projections and Financing
AI-related revenue for these miners is projected to grow from $1.2 billion in the current year to $10.7 billion by 2030, with EBITDA margins approaching 93% and project financing covering 75–85% of construction costs under long-term, take-or-pay contracts.
