Cipher Digital has transitioned from Bitcoin mining to operating hyperscale high-performance computing (HPC) data centers, securing three long-term leases totaling 700 MW of contracted capacity. This strategic pivot results in a planned revenue decline in early 2026 due to mining wind-down, but the company now boasts $11.4 billion in contracted revenue and an expected $787 million average annualized net operating income. Its financial stability is supported by $5.2 billion in project-level non-recourse debt, $715 million in unrestricted cash, and a new $200 million undrawn corporate credit line. Analysts rate Cipher Digital as a Buy with a $40 price target, noting potential risks from tenant concentration and regional market factors.
Cipher Digital Inc. is transitioning its business focus from bitcoin mining to operating AI data centers, despite recent stock declines due to a Q2 2026 revenue miss linked to bitcoin mining shutdowns. The company is advancing AI data center contract...
Cipher Digital advanced its business by delivering data center capacity two months ahead of schedule at its Black Pearl campus, starting rent in early August. The company secured an option for a new 900 MW data center site near San Antonio, Texas, en...
