| Company | Enterprise Value Bridge ($M) | Power (MW, gross) | Multiple ($M / MW) |
Implied upside
|
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ticker | Company | Price ($) |
× Shares (M) |
= Equity Value |
+ Debt | − Cash | − PPE | − Digital Assets |
= Adj. Enterprise Value |
Digital Assets % Equity Value |
Contracted | + Remaining | = Approved | + Pipeline | = Total | Pipeline % | EV / Approved MW |
EV / Total MW (Prob. Adjusted) |
Upside on Appr. MW |
Upside on Total MW |
% NAV on Appr. MW. |
| WYFI | WhiteFiber | $15.54 | 39 | 601 | 0 | 114 | 157 | 0 | 329 | 0% | 56 | 59 | 115 | 1,600 | 1,715 |
%
|
2.9 | 2.9 | |||
| BITF | Bitfarms | $3.14 | 620 | 1,946 | 671 | 573 | 0 | 157 | 1,887 | 8% | 0 | 648 | 648 | 1,513 | 2,161 |
%
|
2.9 | 2.9 | |||
| RIOT | Riot Platforms | $16.57 | 372 | 6,171 | 841 | 310 | 166 | 1,376 | 5,160 | 22% | 300 | 1,400 | 1,700 | 232 | 1,932 |
%
|
3.0 | 3.0 | |||
| WULF | TeraWulf | $20.80 | 519 | 10,803 | 5,171 | 3,266 | 1,069 | 0 | 11,638 | 0% | 659 | 2,210 | 2,869 | 1,000 | 3,869 |
%
|
4.1 | 4.1 | |||
| CORZ | Core Scientific | $20.02 | 482 | 9,644 | 1,085 | 311 | 911 | 194 | 9,313 | 2% | 590 | 1,505 | 2,095 | 700 | 2,795 |
%
|
4.5 | 4.5 | |||
| GLXY | Galaxy Digital Inc. | $26.36 | 405 | 10,674 | 2,914 | 1,246 | 1,344 | 2,326 | 8,671 | 22% | 800 | 830 | 1,630 | 1,800 | 3,430 |
%
|
5.3 | 5.3 | |||
| APLD | Applied Digital | $32.11 | 315 | 10,100 | 2,621 | 1,929 | 1,545 | 0 | 9,247 | 0% | 600 | 986 | 1,586 | 3,870 | 5,456 |
%
|
5.8 | 5.8 | |||
| CLSK | CleanSpark | $11.79 | 269 | 3,176 | 1,789 | 458 | 32 | 1,001 | 3,474 | 32% | 0 | 535 | 535 | 1,275 | 1,810 |
%
|
6.5 | 6.5 | |||
| HUT | Hut 8 | $72.11 | 118 | 8,530 | 410 | 45 | 77 | 154 | 8,664 | 2% | 330 | 710 | 1,040 | 1,000 | 2,040 |
%
|
8.3 | 8.3 | |||
| CIFR | Cipher Mining | $17.26 | 444 | 7,655 | 2,734 | 628 | 276 | 110 | 9,375 | 1% | 600 | 370 | 970 | 2,707 | 3,677 |
%
|
9.7 | 9.7 | |||
| Total | |||||||||||||||||||||
| Median | |||||||||||||||||||||
Methodology
PPE (property, plant & equipment) includes construction in progress. This is done to normalize for differences in construction progress and reset all companies to zero for comparison.
Digital Assets are token and related balances marked using latest prices. GLXY’s crypto business is overlaid at $1.5B ($505M gross profit × 3). HUT’s ABTC shares are valued at latest prices.
Adj. Enterprise Value is equity value + debt − cash − PPE (incl. CIP) − Digital Assets.
EV / Approved MW is Adj. Enterprise Value divided by approved gross megawatts.
EV / Total MW (Prob. Adjusted) divides Adj. Enterprise Value by approved MW plus pipeline MW × pipeline probability.
Contracted MW includes extensions when the site already has approved power.
This comp sheet has been prepared by Modular Capital Investments, LLC ("Modular Capital") for informational purposes only and should not be relied upon as investment advice or a recommendation to buy or sell any security. As of the date hereof, Modular Capital and/or its affiliates may hold long or short positions in the securities referenced herein. All data is sourced from public filings and third-party sources believed to be reliable; Modular Capital makes no representation as to its accuracy or completeness. Figures marked as pipeline or projected reflect Modular Capital's own estimates and assumptions and are inherently uncertain — actual results may differ materially. This material is subject to change without notice and Modular Capital undertakes no obligation to update it. Past performance is not indicative of future results.