Metrics

APLD

Applied Digital

$10.1B

Market Cap

Power Capacity

100 MW live 500 MW contracted 3.4 GW pipeline

Contracted Revenue $16B

EV/Contract 0.65x

Term 15 years

Counterparties

CoreWeave Hyperscaler

Cash $2.3B

Debt $2.6B

Revenue $127M

Equity $1.1B

Q2 FY26 (Nov 30, 2025)

GLXY

Galaxy Digital

$8.1B

Market Cap

Power Capacity

0 MW live 800 MW contracted 2.7 GW pipeline

Contracted Revenue $15B

EV/Contract 0.46x

Term 15 years

Counterparties

CoreWeave

Cash $2.6B

Debt $1.4B

Profit -$241M

Equity $3.0B

FY 2025 (Dec 31, 2025)

CIFR

Cipher Mining

$6.3B

Market Cap

Power Capacity

0 MW live 600 MW contracted 3.4 GW pipeline

Contracted Revenue $9.3B

EV/Contract 0.71x

Term 10-15 years

Counterparties

AWS Fluidstack

Cash $1.2B

Debt $1.5B

Revenue $72M

Equity $0.8B

Q3 2025 (Sep 30, 2025)

WULF

TeraWulf

$6.8B

Market Cap

Power Capacity

23 MW live 620 MW contracted 2.2 GW pipeline

Contracted Revenue $17B+

EV/Contract 0.45x

Term 10-25 years

Counterparties

Fluidstack Google

Cash $713M

Debt $1.5B

Revenue $51M

Equity $0.3B

Q3 2025 (Sep 30, 2025)

RIOT

Riot Platforms

$5.5B

Market Cap

Power Capacity

0 MW live 25 MW contracted 1.7 GW pipeline

Contracted Revenue $1B+

EV/Contract 6x

Term 10-25 years

Counterparties

AMD

Cash $406M

Debt $854M

Revenue $180M

Equity $2.6B

Q3 2025 (Sep 30, 2025)

IREN

IREN Limited

$13.8B

Market Cap

Power Capacity

310 MW live (mixed use) 200 MW contracted 4.0 GW pipeline

Contracted Revenue $9.7B

EV/Contract 1.46x

Term 5 years

Counterparties

Microsoft

Cash $3.3B

Debt $3.7B

Revenue $185M

Equity $2.5B

Q2 FY26 (Dec 31, 2025)

NBIS

Nebius Group

$20.7B

Market Cap

Power Capacity

170 MW live 2 GW contracted 1 GW pipeline

Contracted Revenue $20.4B

EV/Contract 0.83x

Term 5+ years

Counterparties

Microsoft Meta

Cash $3.7B

Debt $0

Revenue $228M

Equity $4.6B

Q4 2025 (Dec 31, 2025)