Cipher Digital Inc.

Cipher secures land and power, builds large data centers, and has signed long-term leases for high-performance-computing capacity that is still being delivered, while its remaining mining operation uses infrastructure to earn bitcoin.

Ticker

CIFR

Company

Cipher Digital Inc.

Exchange

Nasdaq

Listing

listed

Sector

Digital Infrastructure / HPC & Bitcoin Mining

The bull case is a miner-to-data-center rerating: signed long-term HPC leases could create future contracted rent and service revenue once phased delivery and rent commencement occur, while the site pipeline adds optionality.S2

• Cipher Digital is listed on Nasdaq under the ticker CIFR and files reports with the U.S. SEC.S1
• Cipher describes itself as a vertically integrated data-center developer and operator that has evolved from a pure-play Bitcoin miner, while retaining Bitcoin mining as an interim or complementary use of power.S2
• At March 31, 2026, Cipher reported about 4.2 GW of capacity across ten sites, including 700 MW of HPC facilities under development for hyperscaler tenants, 207 MW of operating Bitcoin-mining capacity and a roughly 3.3 GW site pipeline.S2
• The Black Pearl lease calls for about 300 gross MW of turnkey capacity for Amazon under an initial 15-year term, with phased delivery expected to begin in 2026.S2
• The Barber Lake lease calls for a ten-year rent term with Fluidstack after commencement, plus two five-year extension options; Cipher expected facility delivery by September 2026 as of the filing date.S2
• Q1 2026 revenue was $34.8 million, down from $49.0 million a year earlier, and still came entirely from Bitcoin mining; net loss widened to $114.3 million from $39.0 million.S2
• Q2 2026 revenue fell further to $24.837 million from $43.565 million a year earlier, still entirely from Bitcoin mining, and first-half revenue was $59.675 million against $92.524 million. Cipher attributes the decline to a lower average Bitcoin price, partly offset by more bitcoin mined, so this is a price effect rather than lost mining capacity. Even so, the reported top line is still the shrinking business, not the one the thesis rests on.S5
• The Q2 2026 net loss was $267.529 million against $45.781 million a year earlier, and the first-half loss was $381.845 million. The largest single line is a $150.510 million non-cash charge for the change in fair value of the Google warrant liability, not an operating cost.S5
• Those warrants were issued to Google in September 2025 as consideration for Google backstopping Fluidstack's obligations under the Barber Lake lease, and cover 24,178,576 shares at an exercise price of $0.01. Because they are carried at fair value, a rising share price mechanically increases the reported loss.S5
• Operating costs rose while revenue fell. Q2 compensation and benefits reached $42.359 million against $15.659 million a year earlier, and general and administrative expense $16.479 million against $9.078 million, giving an operating loss of $78.536 million.S5
• At June 30, 2026 Cipher held $831.829 million of cash and cash equivalents, $3.188 billion of current restricted cash and $539.506 million of noncurrent restricted cash. Property and equipment stood at $2.133 billion.S5
• The Bitcoin treasury is being spent down. Cipher held approximately 646 bitcoin at June 30, 2026 against 1,433 at December 31, 2025, worth $37.8 million against $125.4 million. Selling into the build-out produced $47.732 million of realised losses on bitcoin sales in the first half.S5
• Other noncurrent assets include $544.5 million representing the value of Google agreeing to make the Fluidstack lease payments should Fluidstack fail to meet its obligations. That backstop is an asset on Cipher's balance sheet, and it is the reason the tenant credit risk reads differently than the tenant's own size would suggest.S5
• At March 31, 2026, Cipher reported $715.2 million of cash and cash equivalents and $3.53 billion of restricted cash; it spent about $554.0 million on property and equipment during the quarter, mainly for Black Pearl and Barber Lake.S2
• On June 15, 2026, a Cipher subsidiary completed a private offering of $810.0 million aggregate principal amount of 6.000% senior secured notes due 2031, issued at 99.750% of principal; it intends to use the net proceeds for remaining Stingray construction costs, reimbursement of about $61.5 million of prior project equity and debt-service reserves.S3

• narrativeThe rerating thesis assumes that signed megawatts become completed facilities and rent on schedule; a lease announcement is not the same thing as operating cash flow.
• narrativeThe 3.3 GW pipeline is optionality, not contracted backlog. Pipeline sites remain at different development and interconnection stages and still face site-specific requirements such as tenanting, financing and construction.
• narrativeBitcoin mining may monetize power before HPC delivery, but it does not neutralize project risk and can amplify earnings volatility while the data-center transition is unfinished.

• ▸Cipher says delayed construction or cost overruns at its HPC data centers could materially hurt operations, liquidity and its ability to service debt.S2
• ▸The company says its historical results have been highly dependent on Bitcoin and the Bitcoin ecosystem, both of which are volatile and outside its control.S2
• ▸Tenant guarantees and other backstops under the HPC leases become effective only after rent commencement and remain subject to contractual limits.S2
• ▸Cipher's at-the-market equity agreement had an aggregate offering cap of $725.7 million. The company sold 33.3 million shares for $195.5 million of net proceeds in 2025 and sold none under the program in Q1 2026.S2S4
• ▸Cipher guaranteed completion of the Stingray facility and must fund the issuer as necessary to ensure timely completion if note proceeds and other available funds are insufficient.S3

HPC

— high-performance computing, including the dense computing infrastructure used for AI workloads

MW / GW

— megawatts and gigawatts, measures of electrical capacity; one gigawatt equals 1,000 megawatts

Hyperscaler

— a very large cloud or technology company that operates computing infrastructure at enormous scale

Phased delivery

— handing a data-center project to the tenant in completed sections instead of all at once

Senior secured notes

— debt secured by pledged assets; holders generally have priority claims on that collateral, subject to the debt documents and competing liens

Restricted cash

— cash reserved for specified uses, such as project construction, rather than general corporate spending