Valuations
Every figure is today's value, with each company's default assumptions — the same numbers its Valuation tab shows.
Hut 8HUTUpside to NAV▲ +60%$84.90 per share
1 Jan 2027$85.52▲ +62% vs price
1 Jan 2028$103.29▲ +95% vs price
Price$52.90Nov 6, 2026
Market cap$6.35Bbasic shares
Implied cap rate8.24%12.1× NOI · model 7.17%
EV / contracted MW$8.4M949 MW signed · NOI/EV 17.8%
Riot PlatformsRIOTUpside to NAV▲ +262%$59.66 per share
1 Jan 2027$60.22▲ +265% vs price
1 Jan 2028$66.72▲ +304% vs price
Price$16.50Nov 6, 2026
Market cap$6.19Bbasic shares
Implied cap rate29.90%3.3× NOI · model 7.17%
EV / contracted MW$1.6M1126 MW signed · NOI/EV 104.1%
TerawulfWULFUpside to NAV▲ +29%$14.41 per share
1 Jan 2027$14.60▲ +30% vs price
1 Jan 2028$19.95▲ +78% vs price
Price$11.20Nov 6, 2026
Market cap$5.59Bbasic shares
Implied cap rate7.87%12.7× NOI · model 7.17%
EV / contracted MW$9.2M1002 MW signed · NOI/EV 17.8%
Applied Digital CorporationAPLDUpside to NAV▲ +56%$24.19 per share
1 Jan 2027$23.65▲ +53% vs price
1 Jan 2028$30.67▲ +98% vs price
Price$15.50Nov 6, 2026
Market cap$4.69Bbasic shares
Implied cap rate8.12%12.3× NOI · model 7.17%
EV / contracted MW$6.3M1410 MW signed · NOI/EV 19.5%
Core ScientificCORZUpside to NAV▲ +65%$19.36 per share
1 Jan 2027$19.36▲ +65% vs price
1 Jan 2028$25.44▲ +117% vs price
Price$11.70Nov 6, 2026
Market cap$3.77Bbasic shares
Implied cap rate9.19%10.9× NOI · model 7.17%
EV / contracted MW$7.8M1119 MW signed · NOI/EV 18.4%
Cipher DigitalCIFRUpside to NAV▲ +81%$11.58 per share
1 Jan 2027$12.03▲ +88% vs price
1 Jan 2028$21.03▲ +229% vs price
Price$6.40Nov 6, 2026
Market cap$2.92Bbasic shares
Implied cap rate8.05%12.4× NOI · model 7.17%
EV / contracted MW$14.5M493 MW signed · NOI/EV 10.8%
CleanSparkCLSKUpside to NAV▲ +105%$12.50 per share
1 Jan 2027$12.67▲ +108% vs price
1 Jan 2028$19.66▲ +222% vs price
Price$6.10Nov 6, 2026
Market cap$1.57Bbasic shares
Implied cap rate8.45%11.8× NOI · model 7.17%
EV / contracted MW$16.6M175 MW signed · NOI/EV 8.5%
HPC/AI Colocation · historical price to NAV
Nov 6Hut 8 HUT0.63×
Riot Platforms RIOT0.28×
Terawulf WULF0.79×
Core Scientific CORZ0.61×
Cipher Digital CIFR0.57×
CleanSpark CLSK0.50×
Average0.58×
Median0.61×
HPC/AI Colocation · historical fair value per share
| Week ending | HUT | RIOT | WULF | APLD | CORZ | CIFR | CLSK |
|---|---|---|---|---|---|---|---|
| Today | $84.90 | $59.66 | $14.41 | $24.19 | $19.36 | $11.58 | $12.50 |
| Nov 6, 2026 | $83.51 | $59.11 | $14.11 | $23.67 | $19.10 | $11.26 | $12.21 |
| Oct 30, 2026 | $78.03 | $20.35 | $15.67 | $30.02 | $20.14 | $17.24 | $11.49 |
| Oct 23, 2026 | $76.25 | $20.11 | $15.18 | $29.28 | $19.79 | $16.54 | $11.10 |
| Oct 16, 2026 | $74.89 | $19.93 | $14.88 | $28.70 | $19.52 | $16.18 | $10.80 |
| Oct 9, 2026 | $98.81 | $22.31 | $19.27 | $37.56 | $23.64 | $22.43 | $15.58 |
| Oct 2, 2026 | $98.63 | $22.29 | $18.59 | $32.63 | $23.59 | $22.38 | $15.55 |
Reading the page
- HPC/AI Colocation —
- a sum-of-the-parts NAV: signed leases, options and residual at the cap rate of the tenant's tier, the uncontracted pipeline to 2030, the mining fleet, less capex still owed and net debt. The implied cap rate is the base rate at which the NAV equals the median market cap of the last twenty sessions.
- Fair value at a date —
- the same model valued on 1 Jan 2027 and 1 Jan 2028, with the cash it generates or burns in between.
Illustrative model only. Not a valuation, not a recommendation, and not investment advice — every figure here is the output of assumptions you control, on a sample of 7 companies.