Bernstein Rates IREN, Riot Platforms, CleanSpark, Core Scientific Amid $90 Billion AI Deals

Bernstein issued Outperform ratings on four U.S.-listed bitcoin miners—IREN, Riot Platforms, CleanSpark, and Core Scientific—framing an estimated $90 billion wave of AI infrastructure investment as a key value driver for miners.

“Bitcoin miner turned AI cloud operator secures fresh capital in expansion move IREN has completed a $3bn convertible senior notes offering as Bitcoin miners reposition around AI infrastructure”

Banking Exchange

In a note to clients on Tuesday titled "Bitcoin Miners: Google-Blackstone Neocloud news - Follow the Gigawatts," analysts led by Gautam Chhugani said bitcoin miners have become embedded in AI infrastructure development, citing more than $90 billion in announced AI deals covering roughly 3.7 gigawatts of capacity across hyperscalers, neoclouds, and chip providers.

Banking Exchange

Bernstein’s research note shifted from a discounted cash flow methodology to a sum-of-parts valuation that includes AI colocation and power-site value, using a $3 million per megawatt multiple to value sites earmarked for AI data centers.

CoinDesk and Blockonomi reported Bernstein raised Core Scientific's price target to $24 from $17 and expects Core Scientific to deliver about 590 megawatts of IT load by early 2027.

The Block reported that Bernstein set price targets of $100 for IREN, $25 for RIOT, and $24 each for CleanSpark and Core Scientific, while maintaining MARA at Market Perform with a $23 target.

The Block said IREN closed at $50.46 versus a $100 target, implying a 98.1% upside, while Riot Platforms closed at $23.18 against a $25 target, or 7.8% upside.

CoinDesk

Bernstein also tied the thesis to power constraints, with The Block saying securing a single gigawatt of power can take close to 50 months across U.S. markets, including grid-constrained regions such as Texas.

In the same coverage, The Block said Bernstein expects data centers to continue facing regulatory and permitting challenges, including interconnection queues, zoning restrictions, environmental scrutiny, and grid capacity limitations across multiple U.S. states.

Separately, Banking Exchange reported that IREN completed a $3bn convertible senior notes offering, including $2.6bn of notes due 2033 and a fully exercised $400mn greenshoe option, taking total gross proceeds to $3bn.

Banking Exchange said the notes carry a 1% coupon and were priced at a 32.5% conversion premium, implying an initial conversion price of about $73.07 per share, above IREN’s 11 May closing price of $55.15.

Banking Exchange reported IREN plans to use about $201mn of the funds to set up capped call arrangements, with the rest going toward general business purposes including day‑to‑day operating needs.

MEXC | Western Alternative said ex-OpenAI researcher Leopold Aschenbrenner’s disclosed stock holdings surged from $5.5 billion at the end of last year to $13.67 billion by the end of March this year, and described his concentrated positions in companies including IREN, Core Scientific, Riot Platforms, and CleanSpark.