Wall Street Sees Strong Demand and Lucrative Deals in Data Centers Driven by Bitcoin Mining and AI/HPC
As of late December 2025, megawatt demand from bitcoin miners and AI/HPC developers remains robust, sustaining a strong market for GPU-ready data-center capacity.
Bitcoin miners are pivoting to hosting AI and high-performance computing hardware within existing data centers, which is boosting valuations and facilitating access to cheaper capital.
Hut 8's shares rose by up to 20% after signing a significant 15-year, $7 billion lease with Fluidstack for 245 MW at its River Bend campus, underscoring investor confidence.
Valuations for power capacity in competitive processes are reaching approximately $400,000 to $450,000 per MW, with some deals soaring to $500,000 to $550,000 per MW, while low-quality sites fetch between $100,000 and $250,000 per MW.
Buyers in the market include hyperscalers, AI firms, and bitcoin miners, whereas sellers comprise crypto-native players and traditional industrial facilities repurposed for power delivery.
Deals have also involved older facilities, including a 160-year-old plant attracting roughly 25 prospective buyers under NDA from miners, hyperscalers, and AI firms.
Asset owners are evaluating options to sell to hyperscalers or developers themselves, with some converting old offices into modular 30 MW power units awaiting funding.
Looking ahead to 2026, the market could remain favorable if interest rates decline, as core economics remain intact with persistent demand, though risks exist if developers cannot lease or price assets adequately.
The article notes that AI-related valuations cooled earlier in 2025, exemplified by CoreWeave stock dropping more than 50% from its June peak, yet demand for AI/HPC data-center capacity continues to be strong.
