Multiples of 9: The accelerated valuation of AI and energy data centers

Despite persistent fears about a potential saturation of the artificial intelligence market, the energy infrastructure market for data centers continues to accelerate. Sector participants report that valuation schemes based on 9 multiples and dollar-per-megawatt analysis remain extremely attractive, driving unprecedented transactions on Wall Street. The desirable capacity of data centers with GPU demand continues to attract multiple creditworthy tenants, while Bitcoin miners and AI/HPC developers continue to aggressively bid for megawatts of energy. Market observations indicate that the actual operational landscape contradicts correction narratives: demand persists, tenants are willing to pay good rates, and M&A transactions remain active.

The unstoppable energy demand: megawatts in battle

Pressure on energy capacity has not diminished since late 2025. Bitcoin faced a significant halving that reduced mining rewards, squeezing margins even as prices approached $100,000. In response, miners shifted their operations toward hosting services for AI infrastructure and high-performance computing (HPC), transforming their data centers into multi-tenant assets.

This resulted in extraordinary demand dynamics. Data center developers and mining operators report sustained demand for GPU-configured facilities, with multiple solvent tenants seeking capacity at firm rates. The intensity of this demand has led to negotiations where tenants are willing to pay rent upfront, even before project completion, a clear illustration of how scarce desirable capacity remains. Energy demand from AI and HPC developers surpasses even that of the Bitcoin mining sector, solidifying as the most dynamic market factor.

From $400K to $550K: the price bifurcation in capacity market

The market has developed a clear price stratification based on site quality and operational viability. In competitive processes where 9 multiples of valuation converge, high-quality capacity in strategic locations has reached extraordinary valuations: between $400,000 and $550,000 per megawatt, with some exceptional cases exceeding these ranges. These figures represent a steep jump in the “dollars per megawatt” metric dominating sector analysis.

However, the market is not uniform. Demand for deteriorated or less desirable locations persists, albeit at significantly lower rates: between $100,000 and $250,000 per megawatt. These buyers prioritize energy access over market quality or physical site characteristics. This bifurcation reflects a reality: while premium infrastructure is being revalued, secondary assets find demand among less demanding but equally motivated buyers.

Curiously, the expanding universe of sellers is reshaping the market. Not only native cryptocurrency actors participate, but also owners of old industrial facilities with decades of inactivity. A 160-year-old facility was marketed precisely because it had the required energy, regardless of age. In another case, a private asset attracted interest from approximately 25 potential buyers including Bitcoin miners, hyperscale tech companies, and AI firms, illustrating the widespread appetite for energy capacity.

Bitcoin, AI, and the hosting economy: how sources of income are changing

The strategic relocation of Bitcoin miners toward AI hosting services has generated higher corporate valuations and access to capital under more favorable conditions. This diversification of income has significantly benefited BTC mining company stocks during 2025, as the market recognized the stability and scalability of the multi-tenant hosting model. The current Bitcoin price, near $78,610 USD (as of February 1, 2026), maintains viable margins even under this new cost structure.

The strategic bifurcation extends beyond traditional miners. Industrial companies with old, inactive, or underutilized facilities with energy access are considering two paths: selling their assets into the AI/HPC/Bitcoin ecosystem, or becoming developers themselves. A recent example involves a private client repurposing old office blocks for modular energy capacity, “building 30-megawatt units at an accelerated pace” and seeking additional financing to expand these operations. This trend transforms old industrial assets into critical infrastructure of the new digital ecosystem.

AI bubble or solid demand? Indicators of the real market

The first months of 2025 saw a significant correction in AI-related tech stocks, with names like Nvidia (NVDA) retreating as investors took profits. CoreWeave (CRWV), an AI infrastructure specialist, fell more than 50% from its June high. This volatility raised broad questions: Is the AI narrative fundamentally compromised? Have infrastructure investments collapsed?

Market M&A activity suggests otherwise. Transactions continue flowing because fundamental demand persists: clients require data center capacity; developers have tenants; these tenants are creditworthy; rates remain firm. This fundamental analysis, repeatedly confirmed in multiple conversations with sector executives, demonstrates that operational foundations remain intact. The recent announcement by Hut 8, whose shares rose 20% after signing a 15-year lease agreement worth $7,000 million with Fluidstack for 245 megawatts at its River Bend campus, exemplifies this underlying strength: “Despite the recent correction, these companies have been well rewarded with higher valuation multiples and the ability to raise capital under attractive conditions and valuations.”

2026 outlook: low rates and expanding multiples

Looking ahead to 2026, the favorable environment for risk assets will depend on the trajectory of interest rates. If interest rates decline, as some projections suggest, the environment will be explicitly “risk-friendly,” further accelerating M&A transactions in the sector. 9 multiples and energy valuation schemes would continue to expand, reflecting increased institutional confidence in these assets.

The only condition that would change this outlook is the inability of developers to lease the capacity they build or to obtain sustainable rates. For now, this scenario has not materialized. Buyers maintain significant appetite for energy, sellers achieve solid valuations for their assets, and tenants multiply their competitive offers. The foundations of the energy infrastructure business for AI and Bitcoin remain intact: energy demand and capacity for HPC data centers for AI show no signs of decline; developers with desirable capacity attract solvent tenants at firm rates; the fundamental business economy remains robust at the start of 2026.