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
• 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