CleanSpark's target rose to $15 (from $14), implying 27% upside; MARA's to $22 (from $19), for 28% upside; Riot's to $15 (from $14), for 3% upside; IREN's to $16 (from $12), implying 10% downside; and Cipher Mining (CIFR) remained at $6, implying 7% downside. Read More: MARA raises $950 million in convertible senior notes at 17% conversion premium Beyond mining, JPMorgan quantified potential HPC colocation value: a 600 MW deal at RIOT could add $480 million in annualized adjusted operating profits (170% share-price upside), a 300 MW Cipher transaction $95 million (77% upside), and a 75 MW IREN deal $55 million (15% upside). This analysis underscored substantial latent value for those securing hyperscale partnerships, though it was "not fully captured" in the price targets.