Cipher Digital, formerly Cipher Mining, operates industrial-scale data centers leased to hyperscalers for high-performance computing workloads after pivoting from bitcoin mining. Shares trade below $30, with strong year-to-date and one-year gains. Revenue continues to grow despite missing quarterly consensus, while adjusted earnings remain negative. Full-year results reflect a large warrant liability swing. Analyst sentiment is positive, with an average target above the current price and no sell ratings. The investment case centers on contracted revenue from multiple signed data center campus leases, including long-duration, large-capacity agreements with major cloud and infrastructure partners.
"Cipher Mining (NASDAQ: CIFR), now operating as Cipher Digital, develops industrial-scale data centers leased to hyperscalers for high-performance computing workloads, after pivoting away from its bitcoin mining roots."
"Shares closed at $23.02 on May 26, 2026, comfortably under the $30 ceiling and up 55.96% year to date and 563.4% over the past year. For a retail investor, that is still a sub-$25 entry into a company with a $9.4 billion market cap and roughly 409 million shares outstanding, which is rare in pure-play AI infrastructure."
"Q4 2025 revenue came in at $59.71 million, missing the $85.46 million consensus but still rising 41.4% year over year, with adjusted EPS of -$0.14. Full year 2025 EPS landed at -$2.15, swollen by a $410.27 million warrant liability swing. Wall Street is looking past the noise: the average analyst target sits at $30.53, with 5 strong buys and 9 buys and zero sell ratings, while forward earnings carry a 85x multiple."
"Cipher has roughly $11.4 billion in contracted revenue across three signed data center campus leases, anchored by a 15-year, 300 MW deal with Amazon Web Services at Black Pearl and a 10-year, 300 MW lease with Fluidstack and Google at B"
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