Dec. 26, 2025 10:43 PM ETTeraWulf Inc. (WULF) Stock, CIFR StockBTC-USD, AMZN, GOOGUttam Dey5K FollowersCommentsSummaryTeraWulf (WULF) and Cipher Mining (CIFR) are top crypto miners pivoting to AI and HPC workloads, securing major hyperscaler deals.Both TeraWulf and Cipher have landed multi-billion dollar contracts with Alphabet's Google Cloud and Amazon's AWS, driving projected revenue growth of 132% and 66% in 2026, respectively.Valuation multiples for both companies could expand to 21-22x 2026 revenues, implying 45-50% share price upside from current levels.Risks include TeraWulf’s higher leverage and the critical need for both companies to deliver on large-scale infrastructure commitments by 2026.Oselote/iStock via Getty ImagesInvestment ThesisNext year is going to be a make-or-break year for crypto miners.The stagnation in Bitcoin’s price so far has cornered crypto miners into a difficult position of winding down operations of theirThis article was written byUttam Dey5K FollowersUttam is a growth-oriented investment analyst whose equity research primarily focuses on the technology sector. Semiconductors, Artificial Intelligence and Cloud software are some of the key sectors that are regularly researched and published by him. His research also focuses on other areas such as MedTech, Defense Tech, and Renewable Energy. In addition, Uttam also authors The Pragmatic Optimist Newsletter along with his wife, Amrita Roy, who is also an author on the newsletter as well as on this platform. Their newsletter gets regularly cited by leading publications such as the Wall Street Journal, Forbes, etc. Prior to publishing his research, Uttam worked in Silicon Valley, leading teams for some of the largest technology firms in the world, including Apple and Google.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Comments