Cipher Digital shifts from Bitcoin mining to hyperscale data centers with $11.4B contracted revenue.

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.