Valuation per MW of Data Center Operators $DGXX is the cheapest, $WYFI is the most expensive, and $IREN is the cheapest neocloud • Digi Power X | $DGXX: $0.2B EV / 400 MW = $0.5M EV/MW • Soluna | $SLNH: $0.2B EV / 206 MW = $1.1M EV/MW • Bitdeer | $BTDR: $4.4B EV / 2,825 MW = $1.5M EV/MW • HIVE Digital Technologies | $HIVE: $0.9B EV / 564 MW = $1.6M EV/MW • MARA Holdings | $MARA: $3.6B EV / 1,900 MW = $1.9M EV/MW • CleanSpark | $CLSK: $3.7B EV / 1,800 MW = $2.1M EV/MW • IREN | $IREN: $16.8B EV / 5,800 MW = $2.9M EV/MW • KEEL Infrastructure | $KEEL: $2.2B EV / 648 MW = $3.4M EV/MW • Riot Platforms | $RIOT: $7.3B EV / 2,000 MW = $3.6M EV/MW • Core Scientific | $CORZ: $8.5B EV / 2,115 MW = $4.0M EV/MW • TeraWulf | $WULF: $10.5B EV / 2,018 MW = $5.2M EV/MW • Applied Digital | $APLD: $11.8B EV / 2,150 MW = $5.5M EV/MW • Hut 8 | $HUT: $16.8B EV / 2,040 MW = $8.2M EV/MW • Cipher | $CIFR: $11.3B EV / 1,177 MW = $9.6M EV/MW • WhiteFiber | $WYFI: $1.1B EV / 110 MW = $10.1M EV/MW • Nebius | $NBIS: $64.0B EV / 5,000 MW = $12.8M EV/MW • CoreWeave | $CRWV: $80.4B EV / 4,200 MW = $19.1M EV/MW