新兴AI基础设施 - 首次覆盖（TeraWulf，Cipher Digital）：AI的电力地主

Emerging Al Infra - Initiating coverage (TeraWulf, Cipher Digital):The Power Landlords of Al strong order book (~$24Bn) with hyperscaler sponsorship and a capital-light leasemodelleading to a rapid Al-revenue ramp up.Over the last 2 years, Bitcoin miners have contractedout6Gwofpowercapacitytohyperscalersandneocloudoperatorsacross17dealsworthover $110Bn-contributing~10% of Al datacenters underconstruction.Across ourcoverage, we expect a nine-fold growth in aggregate Al revenue from $1.2Bn in CY26Eto$10.7Bnby CY30E.We believe Bitcoinminersremainbestpositioned to solve'timetocompute'given theirplanned3o GW powerportfolio and operating abilitytodeliver'warmpowered shells'in time. +91226 8421416gautam.chhugani@bernsteinsg.com +912268421408mahika.sapra@bernsteinsg.com +912268421445nskar.chindaliabernsteinsg.com +912268421457 We believe WULF's edgelies in its power M&Acapabilities.WULFhas built a 3.8GWpowerportfolio through active M&A strategy built around redevelopment of brownfield sites,leveraging existing powerinfrastructure to optimize deliverytimeline and buildout capex.WULF's order book ($13Bn over 10-25year contracts)isconcentrated in a Fluidstack-Googlepartnership,however~48OMWpower(Justified Data'site)provides significantnearterm runwayto diversify its clientele -lease visibility by Q2CY26 end.We expect a morerapid executionto revenuecyclefor WULF withAl revenue growingfrom $14Mn in CY25to $1.7Bn by CY30E (~$1Bn ARR already contracted including JV) and EBITDAmarginsreaching~84%.WerateWULFOutperformPT$36. CIFR has a high-quality orderbook ($11.4Bn over 10-15 years), majority backed byhyperscalers (67%) with limited neocloud exposure.Cipher's recent deals shift entireoperating cost to its tenants through triple net lease (>99% margin), hence positioningCIFR as a pure-play infrastructure platform. We believe CIFR's scalable power portfolio (3.2witha~2GWpipelinewilladdfurtherscaleto itsplatform.WeexpectCIFR'sAlrevenuestagrow from $19Mn in CY26Eto~$1.2Bn in CY30E(~$0.9Bn ARR already contracted) withEBITDAmargins reaching~93%.We rate CIFROutperformPT$32. We value WULF and CIFR at 21x one-year forward EV/EBITDAon steady state CY30EEBITDA (given the steep ramp-up)-in line with infra businesses-we discount the impliedEVto arrive at our target valuation.By CY3OE,we model incremental HPC contractexecution at near term high visibility sites for both WULF (48OMW Kentucky) and CIFR(2ooMw Ulysses).Anyfurther progress on power development pipeline could implyfurtherupside - not in our estimates. Further,we layouta comprehensive investment frameworkfor our coverage universeevaluatedforpowerscalability,contracted orderbook/Alrevenueramp-up,uniteconomicsand valuation.IREN remains ourtop pickfor its vertically integratedneocloud propositionwith 5 GW global power footprint and bluechip partners (Microsoft, NVIDIA).However.WULF and CIFR stand outfor capital-lightleases,faster deal cycles, active powerbut willneed to demonstrate more active Al deals. O-Outperform, M-Market-Perform, U-Underperform, NR-Not Rated, CS -Coverage Suspended Outperform (PT$3O),CLSKOutperform (PT$24)andMARAMarket-perform(PT$17) Source: Company filings, Bloomberg estimates, Bernstein estimates and analysis EXHIBIT3:Company overview: CIFRCIFR-CompanyDescription Cipher Digital is a scaled Al infrastructure platform, having completed its transition from Bitcoin mining, supported by contracted hyperscaler capacity,fully funded near term capex and a power portfolio increasingly difficult to replicate. It controls ~1.2GW energized power across Texas and Ohio, anchored by3 CIFR-Valuation FrameworkMultiple -EV/EBITDA'30E Net revenue is calculated as straight line revenue, excluding power cost pass throughSource: Company flings, Bernstein estimates and analysis WULF is positioned as a full scale Al infrastructure platform with scalable sites, credible contracts, fully funded near term capex and disciplined execution. Thecompany controls a 3.8GW diversified power portfolio across key data center markets like New York, Kentucky, Maryland and Texas. Currently, it has 522 IT-MW contracted to Fluidstack and Core-42 for S13 Bn total revenue. Multiple - EV/EBITDA'30E Net revenue is calculated as straight line revenue, excluding power cost pass through and includes wULF's share of Abernathy JVSource: Company filings, Bernstein estimates and analysis We initiate on TeraWulf (WULF) and Cipher Digital (CIFR) with Outperform ratings (WULF PT $36, CIFR PT $32). Both WULF and CiFR are emerging Al infrastructure players, transitioning from the legacy Bitcoin mining business to hyperscaler-gradeAl infrastructuredevelopers witha strong contracted orderbook and robust powerpipelineunderwriting future scalability.Webelieve accesstopowerhas becomeevenmorevaluablegiventhephysical,political andregulatoryconstraintstobuildingdatacenters.Interconnect approval cycles now exceedfour years inkeydata centermarkets like Texas,while supply chain forlonglead items remai