Keel Infrastructure Corp. (KEEL), TeraWulf Inc. (WULF), Hut 8 Corp. (HUT), and Cipher Digital Inc. (CIFR) are transitioning from Bitcoin mining to AI infrastructure operations, with transformations accelerating between late 2025 and early 2026. The shift reflects growing investor interest in AI companies and expectations for rising demand for power assets, data center expertise, and high-performance computing workloads. All four stocks have posted substantial gains in 2026, with HUT leading at more than 131% year-to-date returns, while KEEL and WULF have more than doubled and CIFR has gained nearly 58%.
Four Stocks Post Double-Digit Gains in 2026
Keel Infrastructure completed its transformation in April this year, rebranding from Bitfarms and exiting Bitcoin mining to focus exclusively on energy-secured data center development. TeraWulf formally began winding down its mining operations in late 2025 as it pursued AI and HPC leasing opportunities. Hut 8 ramped up its data-center strategy through major customer agreements announced in early 2026. Cipher Mining's pivot gained momentum in 2026 as it secured hyperscaler-backed contracts and advanced the buildout of large-scale AI-ready campuses, which are slated to begin generating revenue later in the year.
HUT stock has outperformed its peers, up more than 131% so far in 2026. KEEL and WULF stocks have also more than doubled in value in the same period, while CIFR stock has gained nearly 58%. All four stocks have posted declines so far this month.
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Hut 8 Commands Highest Forward EV-to-Sales Multiple at 35.5x
According to Koyfin data, Hut 8 commands the highest forward enterprise value-to-sales multiple at 35.5x. Cipher is next at 33.4x, while Keel Infrastructure trades at a 29.5x forward EV-to-sales multiple and TeraWulf at 28.1x. The market appears to be pricing Hut 8 and Cipher as the biggest beneficiaries from the AI boom, based on the high growth premiums.
TeraWulf Leads Wall Street Price Targets with 66% Upside
Wall Street is largely bullish on all four AI infra plays. WULF stock leads the pack, with a 12-month price target of $38.59 based on 17 estimates, implying more than 66% upside from current levels. All ratings are a 'Buy' or higher.
CIFR stock has a target of $32.63 based on 16 estimates, implying about a 40% upside from its last close. All analysts also rate the company a 'Buy' or higher. Analysts have a target price of $6.22 for KEEL stock, implying more than 28% upside. Of the 10 analysts covering the stock, nine rate it 'Buy' or higher, while one rates it 'Hold'. HUT stock's one-year average price target is $126.94, based on 17 analyst estimates, implying 19.5% upside from its last close. All analysts rate this company a 'Buy' or higher.
Stocktwits Users Show Extremely Bullish Sentiment on WULF
Stocktwits users are most optimistic about WULF stock, with sentiment in the 'extremely bullish' territory over the past day. CIFR sentiment was in the 'neutral' territory. Retail sentiment on HUT and KEEL were in the 'bearish' and 'extremely bearish' areas at the time of writing.
One bullish user on WULF said, "This is a long term hold, if you can get it at a good price ($20 and below), but its going to take a long while so patience is key." Another user on KEEL said, "The deals are already priced in, sorry guys. This stock is hanging under $8 for the next 2 years." Earlier this month, a user said, "$CIFR $HUT $WULF $KEEL all trash. This space gets hit harder each day. Is the run over for these? Hard to know when option BS plays with the prices."
FAQ
What timeline did the four companies follow in their AI infrastructure transitions?
Keel Infrastructure completed its transformation in April this year, rebranding from Bitfarms and exiting Bitcoin mining. TeraWulf formally began winding down its mining operations in late 2025. Hut 8 ramped up its data-center strategy through major customer agreements announced in early 2026. Cipher Mining's pivot gained momentum in 2026 as it secured hyperscaler-backed contracts and advanced AI-ready campus buildouts.
Which stock has the highest forward valuation multiple?
According to Koyfin data, Hut 8 commands the highest forward enterprise value-to-sales multiple at 35.5x. Cipher is next at 33.4x, while Keel Infrastructure trades at a 29.5x forward EV-to-sales multiple and TeraWulf at 28.1x.
Which stock has the highest Wall Street price target upside?
WULF stock leads with a 12-month price target of $38.59 based on 17 estimates, implying more than 66% upside from current levels. CIFR stock has a target of $32.63 implying about 40% upside, KEEL has a target of $6.22 implying more than 28% upside, and HUT stock's target is $126.94 implying 19.5% upside.
