BITF: Project Financing Will Accelerate Panther Creek AI And HPC Campus Expansion

Analysts have modestly lifted their price target on Bitfarms to about $7.00, reflecting slightly higher long term growth and profitability expectations as the company accelerates its AI and high performance computing buildout and expands its project pipeline.

Analyst Commentary

Recent research notes highlight that bullish analysts view Bitfarms as a direct beneficiary of surging AI and high performance computing demand, with updated sector assumptions driving substantial upward revisions to both price targets and long term earnings forecasts.

Across the coverage universe, the consensus is that the company’s expanding power capacity and data center footprint, combined with improved visibility on its project pipeline, warrant a higher valuation multiple versus prior cycles.

Bullish Takeaways

• Price targets have been raised to roughly $7, more than doubling from prior levels, as higher sector valuations and modestly stronger 2026 forecasts support a step up in Bitfarms' implied earnings power.
• The conversion of a large credit facility into project level financing, alongside an incremental capital draw, is seen as de risking funding for the initial phase of the Panther Creek AI and HPC campus and improving execution visibility.
• With a development pipeline of about 1.3 GW, bullish analysts argue that Bitfarms is well positioned to capture incremental hyperscaler demand, supporting a multi year growth runway and potential upside to current revenue and EBITDA expectations.
• Growing industry partnerships and cloud based AI deals, including high profile hyperscaler arrangements, are viewed as catalysts that could tighten capacity and further justify premium valuations for scaled infrastructure providers like Bitfarms.

Bearish Takeaways

• Some cautious analysts flag that shares have already appreciated sharply since midyear, raising the bar for further multiple expansion and increasing sensitivity to any execution missteps at major projects.
• The rapid acceleration of AI and HPC buildouts heightens project delivery and cost overrun risk, which could pressure returns on invested capital if timelines slip or customer ramps lag expectations.
• While financing progress is positive, leverage tied to large scale campuses may leave Bitfarms more exposed to tightening capital markets or a slowdown in AI spending than lower growth peers.
• Updated sector forecasts, while higher, embed continued strength in AI related demand; any normalization in hyperscaler capex could compress valuation multiples and challenge the sustainability of the new price target levels.

What's in the News

• British Columbia proposed new power rules that would force AI, data centers and hydrogen-for-export projects to bid for limited power capacity, while making its ban on new cryptocurrency connections permanent. This could constrain Bitfarms’ Canadian growth options (The Canadian Press).
• Japan’s financial watchdog plans to require crypto exchanges to hold reserves against liabilities to better protect investors in the event of hacks or major losses, raising compliance expectations across the digital asset ecosystem in which Bitfarms operates (Nikkei).
• Bitfarms announced plans to convert its 18 MW Washington State Bitcoin mining facility into a high performance computing and AI site by December 2026 under a fully funded USD 128 million agreement. The facility is expected to support liquid cooled racks and Nvidia GB300 GPU ready designs (company announcement).
• The company reported it earned 520 BTC in the third quarter of 2025, up from 414 BTC a year earlier, and 1,570 BTC in the first nine months of 2025, roughly flat versus 1,562 BTC in the prior year period (company operating results).
• Bitfarms appointed Jonathan Mir as Chief Financial Officer, effective October 27, 2025, with outgoing CFO Jeff Lucas staying on as an advisor during the transition. The company stated that Mir brings deep energy infrastructure and capital markets expertise to support the firm’s HPC and AI pivot (company announcement).

Valuation Changes

• Fair Value Estimate has edged down slightly, from CA$8.50 to roughly CA$8.48, reflecting modestly higher discount rate assumptions.
• Discount Rate has risen slightly, from about 7.55 percent to approximately 7.59 percent, signaling a marginally higher perceived risk profile or cost of capital.
• Revenue Growth is essentially unchanged, holding near 36.6 percent, indicating no material shift in long term top line expectations.
• Net Profit Margin remains effectively flat, staying around 34.1 percent, suggesting stable profitability assumptions despite evolving sector dynamics.
• Future P/E has increased slightly, from about 23.1 times to roughly 23.3 times, implying a modestly higher valuation multiple on expected earnings.