Elon Musk's SpaceX Threatens Bitcoin Miners' AI Pivot with 300MW Colossus Deal

Bitcoin miners' strategic shift to AI infrastructure faces escalating competition as SpaceX leases its Colossus 1 cluster—220,000 Nvidia GPUs and 300MW—to Anthropic, highlighting power scarcity. Post-2024 halving, mining profitability has cratered with Q1 2026 hashprice at $29/PH/s, prompting public miners to announce $70 billion in GPU colocation deals and forecasts of AI generating up to 70% of revenue by end-2026. Investors reward AI-exposed firms at 12.3x EV/NTM sales multiples versus 5.9x for pure miners, but SpaceX's move underscores risks for those lacking secured power contracts.