J.P. Morgan upgrades Riot, downgrades IREN and CleanSpark |

Published: Friday, September 26, 2025 · 1:59 PM | Updated: Friday, September 26, 2025 · 1:59 PM

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J.P. Morgan refreshed its ratings and price targets on major bitcoin miners, moving Riot Platforms (RIOT) to Overweight and downgrading IREN to Underweight and CleanSpark (CLSK) to Neutral after framing potential upside from HPC colocation and cloud services.

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The September 26 report raises price targets for miners with nascent HPC exposure: IREN’s target rises to $24 (from $16), Cipher Mining (CIFR) climbs to $12 (from $6) and Riot to $19 (from $15). The firm trimmed targets for CleanSpark to $14 (from $15) and MARA to $20 (from $22). All price targets now extend to December 2026.

J.P. Morgan assigned a 50% probability that leading miners sign new colocation deals using excess power capacity, referencing Core Scientific’s ~800 MW agreement with CoreWeave as a benchmark for single-tenant demand. Under this framework, Riot offers the most relative upside at +14%, while IREN appears to be fully pricing in a record-scale Sweetwater deal, exposing it to more downside risk than near-term gain.

J.P. Morgan also values HPC colocation contracts at $3.7 million–$8.6 million of equity per gross MW (or $4.8 million–$11.2 million per critical IT MW) and estimates GPU cloud services at ~$5.3 million of equity per MW. These benchmarks underpin the refreshed valuations, reflecting growing enterprise demand for compute alongside traditional bitcoin-mining operations.

Watch More: Cipher Mining Lands Google Deal, MicroBT Opens U.S. Shop, IREN Doubles GPU Fleet

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