Who Got The Best HPC AI Deal? CIFR, CORZ, HUT, IREN, RIOT & WULF

We compare six headline HPC AI contracts signed by leading North American miners, mapping the tradeoffs between hybrid retrofits, tier three builds, colo margins, and full CSP risk. We rank returns, payback speeds, and financing structures while highlighting where speed to power beats perfection.

• Cipher’s multi‑hyperscaler lineup and Google equity backstop
• Core Scientific’s CoreWeave expansion with low retrofit capex
• HUT 8’s FluidStack triple‑net lease and near‑total NOI
• IREN/Microsoft’s CSP model, GPU capex, and five‑year term
• Riot’s AMD deal using hybrid retrofits and room to scale
• TeraWulf’s three Google‑linked deals and financing momentum
• Method for apples‑to‑apples comparisons and key assumptions
• Why speed to power, payback, and capex per MW drive returns
• Bitcoin mining headwinds pushing miners toward AI infrastructure

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