Shares of Bitcoin (BTC) miners pivoting to AI data-center leasing fell an average of about 35% in October, while financing needs remain a risk despite signed leases staying intact.
A Nov. 4 report by VanEck found that none of the signed leases at the companies it tracks had been canceled. Their stocks were down about 62% on average from their 2026 highs.
The report distinguishes infrastructure lessors, which provide power and data-center facilities under contracts typically lasting 10 to 20 years, from neocloud firms that rent GPU computing capacity directly. It views the longer contracts as a source of relatively stable cash flow.
The report assessed that the October decline mainly reflected financing costs and changing risk appetite amid higher interest rates, tighter credit and policy uncertainty, rather than weaker demand for AI infrastructure.
Power-grid access remains a constraint: about 2,290 gigawatts of capacity sat in U.S. interconnection queues in 2025, and roughly 2% reached commercial operation. On projected 2028 EBITDA, the group’s valuation multiple was about half that of data-center real estate investment trusts.
About $23.4 billion in construction debt will first become eligible for early repayment in 2027 and 2028. The report expects refinancing may be delayed until 2029 and 2030. The next expansion round could require $600 million to $3.2 billion in additional equity, creating potential dilution risk.
Simon Yoon
Simon Yoon reports on blockchain technology for TokenPost. Send corrections or tips to [email protected].
