Crypto mining stocks have silently crushed the stock market this year as many crypto mining companies pivot to artificial intelligence. They have AI data center infrastructure ready to go, and key players have already secured multi-billion dollar deals with tech giants.
Energy is a key choking point in the insatiable demand for artificial intelligence, and these three crypto mining stocks are well prepared. It is no surprise that they have outperformed the stock market so far, and they are likely to build on their gains in 2026.
IREN (IREN)
IREN (NASDAQ:IREN) is up by more than 400% year-to-date as investors reassess the company due to its AI infrastructure. The company is one of the few profitable Bitcoin miners, but its exponential AI cloud services revenue growth has captivated the minds of investors.
The company generated $240.3 million in revenue during Q1 FY26. Only $7.3 million of that revenue came from IREN’s AI cloud services, but the growth is set to accelerate. IREN projected $500 million in annual recurring AI cloud revenue by the end of Q1 2026. It also aims for $3.4 billion in AI cloud annual recurring revenue by the end of 2026.
IREN’s $7.3 million in Q1 FY26 AI cloud revenue comes to $2.4 million per month. Meanwhile, $3.4 billion in annual recurring revenue comes to $283.3 million per month. It’s a seismic jump that doesn’t even include how quickly IREN can grow in 2027 and beyond. The company’s 5-year $9.7 billion contract with Microsoft (NASDAQ:MSFT), plus its bandwidth to support multiple deals like the Microsoft contract, suggests that IREN can achieve its lofty ambitions.
Cipher Mining (CIFR)
Cipher Mining (NASDAQ:CIFR) is following on the same path as IREN, and it has more than tripled year-to-date. Cipher Mining has secured multiple deals with big tech giants, while IREN’s most notable deal is the one with Microsoft.
Cipher Mining finalized a 15-year deal with Amazon (NASDAQ:AMZN) that comes to $5.5 billion and announced the news in Q3. That deal came off the heels of a 10-year, $3 billion contract with Fluidstack, an AI cloud company that is backed by Google. The contract also includes two 5-year extensions that can bring the contract’s value up to $7 billion.
Cipher Mining has a 3.2 gigawatt capacity, which gives the company plenty of energy to support additional deals. Substantial revenue growth is on the way thanks to these contracts, and if Cipher Mining signs more of these contracts, its stock should continue to rally.
Terawulf (WULF)
Terawulf (NASDAQ:WULF) has more than doubled in value year-to-date after securing multiple AI deals with tech giants. It signed a 25-year deal with Fluidstack for $9.5 billion for 168 megawatts of power. Terawulf has more than 510 megawatts of critical IT load and said in its Q3 results that it is “targeting an additional 250 MW to 500 MW of contracted critical IT load per year.”
All of those extra megawatts mean that Terawulf can support more deals like its $9.5 billion contract with Fluidstack, which suggests revenue can climb higher. The fact that tech companies are signing 25-year contracts is bullish for Terawulf and the entire crypto mining industry. As power becomes more scarce, the contracts may stretch out further with higher annual recurring revenue.
Terawulf didn’t have to issue any equity or warrants to make the deal happen. The company has smartly used convertible bonds to minimize dilution and reward long-term investors.
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