CoinShares: Miners' $100B AI Backlog Billing Only About 550 MW
- —AI/HPC backlog above $100B yields only ~$1.1B in annualized revenue
- —About 1 in 7 contracted megawatts is actually billing
- —Core Scientific bills ~485 MW of ~1.1 GW leased
- —Miners with AI contracts trade at 12.9x forward sales vs 3.7x without
Why it matters: The valuation premium for miners rests on capacity that is not yet paying rent, leaving execution and financing risk high.
Source: Coindoo