Barclays has compiled a broad universe of businesses it considers essential to the expansion of digital infrastructure underpinning AI workloads and hyperscale computing. The investment bank flagged more than 400 "pick and shovel" companies that provide hardware, site development, power, hosting and other services as hyperscalers raise capital spending expectations.
The bank singled out 16 companies that stand out for their current footprints, strategic partnerships or active transitions from cryptocurrency mining to hosting and cloud services. Below are the firms Barclays listed and the specific facts the bank highlighted about each.
- Nebius - Presented as a provider of high-performance hardware and cloud capacity engineered for intensive AI workloads, positioning it in the neocloud infrastructure category.
- CoreWeave - Described as a flagship neocloud operator that has scaled to more than 35 global data center locations and secured 1.3 gigawatts of power capacity, building a substantial infrastructure footprint.
- IREN - Noted for securing a $9.7 billion partnership with Microsoft and for achieving "Nvidia preferred partner" status to scale its GPU fleet. Barclays also referenced IREN’s announced transmission connection agreement for a planned 800-megawatt data center campus in South Australia, and said several firms, including B.Riley and Canaccord, raised their price targets following the news.
- Galaxy - Identified as operating a diversified platform that includes institutional Bitcoin mining and infrastructure hosting services.
- Applied Digital - Characterized as having shifted from mining to a focus "mostly on just infrastructure," with significant GPU deployments for clients such as CoreWeave. Barclays noted Applied Digital announced a 15-year lease with a U.S.-based hyperscaler that adds approximately $5.2 billion in revenue and that several firms, including Lake Street and Needham, raised their price targets after the deal.
- Terawulf - Cited as undergoing a deliberate strategic transition toward high-performance computing hosting as its primary growth driver and operating focus. The firm announced the acquisition of a hyperscale high-performance computing development site in Eastern Kentucky expected to support more than 1 gigawatt of data center capacity.
- Riot Platforms - Reported to operate 1.86 gigawatts of power capacity and to be shifting power toward AI data center development. Barclays noted Riot signed a memorandum of understanding with Terrestrial Energy to evaluate the development of nuclear-powered data centers and that H.C. Wainwright raised its price target after Advanced Micro Devices exercised an expansion option at Riot’s Rockdale site.
- Cipher Digital - Described as a developer of large-scale data centers for hyperscale tenants including AWS and Google. Its subsidiary priced an $810 million senior secured notes offering to finance the construction of the Stingray Facility data center, which will be leased to Amazon, and Bernstein initiated coverage with an Outperform rating.
- Core Scientific - Cited for committing to convert "every megawatt" to high-density computing over three years, anchored by a major 200-megawatt contract with CoreWeave.
- Hut 8 Corp - Noted for having shifted its model so it no longer owns ASIC servers and instead monetizes 1.50 gigawatts of data center capacity.
- CleanSpark - Identified as using energy-first infrastructure to serve both Bitcoin mining and high-performance AI workloads, with a focus on optimizing power resources to meet dual computing demands.
- Terawulf (second mention) - Barclays reiterated that the firm has implemented a deliberate strategic transition toward high-performance computing hosting as its primary business focus, moving away from its original emphasis on Bitcoin mining.
- Soluna Holding - Presented as developing data centers that utilize excess renewable energy for high-intensity computing applications, positioning the company at the intersection of sustainable power and computational infrastructure.
- Bit Digital - Noted to have officially exited Bitcoin mining in 2025 and to now provide specialized cloud infrastructure for artificial intelligence workloads, completing a transformation away from cryptocurrency operations.
- Hive Digital - Described as pivoting to AI infrastructure through its "BUZZ" Tier-III platform and redirecting resources toward AI computing markets.
- Digipower X - The Canada-listed firm is said to be converting legacy Bitcoin mining infrastructure into Tier 3 high-performance computing for AI through partnerships with Supermicro for modular B200 and B300 GPU pods.
Barclays framed these selections as companies positioned to support the growing infrastructure demands of AI workloads and hyperscale operations. The bank's compilation starts from a broad base of more than 400 companies that provide the underlying elements of this expansion - from hardware and power to site development and hosting.
Market tickers and intraday percentage changes printed in the original coverage included the following string: NBIS-2.22% RIOT-2.72% WULF-2.78% SLNH-1.82% HIVE-5.77% BTBT-2.61% HUT-5.85% CLSK-3.57% CIFR-3.99% GLXY+1.08% IREN-8.46% APLD-1.71% CORZ-2.47% CRWV-4.83%.
Barclays' list underscores a transition across several operators from pure cryptocurrency mining toward hosting and providing GPU-heavy compute capacity for hyperscalers and AI workloads. The firms highlighted span developers, operators and power-focused businesses that are either expanding site capacity, securing strategic partnerships, raising capital or reorienting their business models to capture increased demand for high-density computing.
For market participants and technology strategists, the list provides a view into which firms Barclays sees as critical supply-chain and site partners for the upcoming wave of hyperscaler capital allocation. The bank's selection reflects infrastructure, power and hosting dynamics rather than product-market fit or end-user application adoption of AI services.