VanEck estimates miners targeting AI data centers face a $50 billion funding gap and urges investors to value firms on gross energized power rather than coin production. Hut 8 has secured a $9.8 billion, 352 MW Texas AI capacity deal and a $7 billion Louisiana lease with the Google-backed Fluidstack platform.
VanEck estimates publicly traded Bitcoin miners pursuing AI and high-performance computing face a $50 billion near-term funding gap, with long-term capital needs reaching $221 billion, and recommends valuation based on gross energized power rather than cryptocurrency output.
Hut 8 has secured a $9.8 billion, 352 MW Texas AI capacity deal and added a $7 billion Louisiana lease under the Google-backed Fluidstack platform, positioning the company among peers trading above 10 times gross energized power.
Industry delivery stands at roughly 25% of total leased AI capacity, making construction milestones and project execution the next catalyst; companies failing to meet targets face rapid valuation re-ratings, underscoring significant execution risk for Hut 8’s sizable leases.
