The Bitcoin-to-AI-colocation pivot is validated by hyperscaler contracts worth billions -- 10+ companies targeting 10+ GW of combined AI compute capacity are creating a new class of infrastructure operator where power procurement is the moat

The pivot from Bitcoin mining to AI colocation is no longer speculative -- it is validated by binding hyperscaler contracts. IREN, CORZ, CIFR, RIOT, MARA, WULF, CLSK, BTDR, APLD, and HIVE are collectively targeting 10+ GW of AI compute capacity. CIFR topped out an 800K sqft structure at Barber Lake in 127 days with 1,100 daily workers. IREN has 730 MW under construction with 5 GW of secured power. CORZ signed hyperscaler contracts. APLD is building a 1.2 GW gas-fired IPP. The competitive moat is power procurement. CIFR's three pipeline sites in ERCOT batch 0 positioning give it interconnection rights that cannot be replicated. CORZ's behind-the-meter strategy eliminates grid dependency. IREN's 5 GW of secured power represents years of ahead-of-schedule procurement. MARA's Long Ridge acquisition includes an operating gas power plant. These power positions create multi-year barriers to entry that differentiate the miner-to-colo operators from traditional data center developers. Nebius ($20-25B capex guidance), Digital Realty (record leasing), Equinix (Fabric bookings up 70% YoY), and Digital Bridge are all expanding alongside the miner-to-colo wave. Private capital (BX $150B+ data center assets with $160B pipeline, BAM, KKR) is mobilizing at unprecedented scale. The fragmentation of AI cloud demand beyond the Big 3 hyperscalers -- into sovereign cloud, neocloud, and enterprise -- validates the infrastructure operator model.