Cipher Digital shifts from Bitcoin mining to AI data center landlord with $11.4B in leases and strong growth outlook.

Cipher Digital, formerly a Bitcoin mining company, has transformed into a major AI data center landlord with $11.4 billion in contracted lease revenue. Key leases with AWS and Fluidstack are expected to generate $787 million in average annualized net operating income starting from 2027. The company's shares trade at a discount compared to peers, supported by a Buy rating and a $28 price target based on contracted cash flows. While there are risks related to capital needs and project execution, strong anchor tenants and financing reduce near-term risks, positioning Cipher Digital for growth in the AI infrastructure market.