Cipher Mining (CIFR)
NASDAQ:CIFR
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Cipher Mining
(NASDAQ:CIFR)
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Rating:53Neutral
Price Target:
$15.00
▼(-5.54% Downside)
Action:ReiteratedDate:03/25/26
The score is held back primarily by weak financial performance (losses and significant cash burn, including a sharp 2025 disruption). Offsetting this, the latest earnings call and related events point to a credible shift toward long-duration contracted HPC revenue with fully funded projects and strong liquidity, while technicals and valuation remain neutral-to-weak.
Positive Factors
Long-duration hyperscaler leases (600 MW, ~$9.3B)
The 600 MW of signed hyperscaler leases (~$9.3B contracted; ≈$669M average annualized NOI Oct‑2026–Sep‑2036) converts volatile mining revenue into long-dated, predictable cash flows. That structural revenue base supports project financing, reduces BTC price exposure and improves multi-year cash visibility.
Negative Factors
Persistent negative operating cash flow and large FCF burn
Sustained negative operating cash flow and deep free cash flow losses mean the business is not self-funding. Continued burn increases dependency on external financings, credit facilities or asset sales; any delay in contracted cash flows would amplify refinancing, covenant or dilution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-duration hyperscaler leases (600 MW, ~$9.3B)
The 600 MW of signed hyperscaler leases (~$9.3B contracted; ≈$669M average annualized NOI Oct‑2026–Sep‑2036) converts volatile mining revenue into long-dated, predictable cash flows. That structural revenue base supports project financing, reduces BTC price exposure and improves multi-year cash visibility.
Read all positive factors
Cipher Mining (CIFR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.81B
Dividend YieldN/A
Average Volume (3M)25.13M
Price to Earnings (P/E)―
Beta (1Y)3.54
Revenue Growth35.41%
EPS Growth-38.08%
CountryUS
Employees43
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-1.91
Shares Outstanding405,119,420
10 Day Avg. Volume22,832,410
30 Day Avg. Volume25,133,412
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)6.99
Price to Sales (P/S)25.15
P/FCF Ratio-8.09
Enterprise Value/Market Cap1.37
Enterprise Value/Revenue35.51
Enterprise Value/Gross Profit-58.74
Enterprise Value/Ebitda269.92
Forecast
1Y Price Target
$24.13Price Target Upside51.95% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-0.77
Revenue Forecast (FY)$255.15M
Cipher Mining Business Overview & Revenue Model
Company Description
Cipher Mining Inc., a technology company, operates in the bitcoin mining ecosystem in the United States. It engages in developing and growing a cryptocurrency mining business that specializes in bitcoin. The company was incorporated in 2021 and is...
How the Company Makes Money
Cipher Mining primarily makes money by mining Bitcoin. It earns revenue when it successfully validates blocks and receives Bitcoin-denominated block rewards and transaction fees; these mined Bitcoins are recognized as revenue based on the market p...
Cipher Mining Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call presents a constructive strategic shift toward stable, long-duration HPC lease revenue, marked by large signed leases, a 3.4 GW pipeline, and successful project-level financings that fully fund construction — all supported by meaningful liquidity and improving financing terms. Near-term pain points include a sizable GAAP loss driven by noncash transition items, Q4 revenue decline tied to Bitcoin, impairments, and regulatory/timing risks (ERCOT and lease close timing). Overall, the company appears well-capitalized and de-risked at the project level, with a credible path to predictable contracted cash flows that outweighs the transition-related lowlights.Positive Updates
Strategic Rebrand and Business Pivot
Company formally rebranded as Cipher Mining Inc., shifting from Bitcoin mining toward a pure-play digital infrastructure/HPC developer and operator focused on long-duration contracted leases and predictable cash flows.
Negative Updates
Fourth Quarter Revenue Decline
Q4 revenue of $60,000,000 declined versus the prior quarter, driven primarily by a weak Bitcoin mining environment and lower Bitcoin prices; management expects mining revenue to continue decreasing as miners are decommissioned.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic Rebrand and Business Pivot
Company formally rebranded as Cipher Mining Inc., shifting from Bitcoin mining toward a pure-play digital infrastructure/HPC developer and operator focused on long-duration contracted leases and predictable cash flows.
Read all positive updates
Company Guidance
Cipher’s guidance centered on predictable, contracted HPC cash flows: the company has signed two campus leases totaling 600 MW gross and ≈$9.3B in contracted revenue that begin rent this year and are expected to generate ≈$669M of average annualized NOI from Oct‑2026 to Sep‑2036 (ramping to ≈$754M annual NOI by 2035); Cipher cites a ~3.4 GW development pipeline (including Stingray 100 MW — on track to energize Q4 2026 — Reveille 70 MW and Ulysses 200 MW expected to energize in 2027), and expects continued lease activity to drive a steady cash‑flow ramp. Project execution is de‑risked: Barber Lake and Black Pearl are fully funded through substantial completion with five‑year senior secured project debt ($1.4B at 7.125% + $333M tack‑on for Barber Lake; $2.0B at 6.125% for Black Pearl, the latter 6.5x oversubscribed with ~$13B orders and >200 accounts), including a $233M CapEx reimbursement to corporate; >95% long‑lead equipment secured at Barber Lake, >400 construction personnel on site, and ~85% of Black Pearl infrastructure reusable. Financial position and transition metrics: Q4 revenue $60M, GAAP net loss $734M (notable noncash items: $450M embedded derivative revaluation, $90M miner write‑down, $45M PP&E impairment, $39M unrealized BTC loss), corporate liquidity $754M as of 12/31/25 (cash $628M + Bitcoin $125M; ~1,166 BTC held as of Feb 20), Odessa operating 207 MW supporting ~11.6 EH/s at ≈17.2 J/TH under a fixed PPA ≈$0.028/kWh expiring July 2027, and management plans to opportunistically monetize remaining BTC (target exit by 2026) and redeploy proceeds into HPC while avoiding additional equity for currently contracted developments.Cipher Mining Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 223.94M | 151.27M | 126.84M | 3.04M | 0.00 |
| Gross Profit | -135.38M | 28.11M | 76.53M | 2.29M | -4.87K |
| EBITDA | 28.86M | 61.09M | 39.70M | -31.93M | -72.12M |
| Net Income | -822.24M | -44.63M | -25.78M | -39.05M | -72.15M |
Balance Sheet | |||||
| Total Assets | 4.29B | 855.45M | 566.14M | 418.46M | 354.17M |
| Cash, Cash Equivalents and Short-Term Investments | 628.26M | 5.58M | 86.11M | 11.93M | 209.84M |
| Total Debt | 55.40M | 56.39M | 21.98M | 20.66M | 0.00 |
| Total Liabilities | 3.46B | 173.49M | 74.80M | 75.57M | 636.05K |
| Stockholders Equity | 805.53M | 681.95M | 491.34M | 342.89M | 353.53M |
Cash Flow | |||||
| Free Cash Flow | -695.86M | -227.01M | -149.26M | -248.83M | -36.78M |
| Operating Cash Flow | -207.94M | -87.51M | -94.24M | -20.91M | -31.67M |
| Investing Cash Flow | -336.61M | -192.13M | 52.76M | -173.91M | -120.14M |
| Financing Cash Flow | 3.19B | 213.51M | 115.66M | -3.09M | 361.65M |
Cipher Mining Technical Analysis
Negative
15.88
Price Trends
15.82
Negative
16.62
Negative
12.98
Positive
Market Momentum
-0.25
Negative
46.09
Neutral
59.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CIFR, the sentiment is Negative. The current price of 15.88 is above the 20-day moving average (MA) of 14.73, above the 50-day MA of 15.82, and above the 200-day MA of 12.98, indicating a neutral trend. The MACD of -0.25 indicates Negative momentum. The RSI at 46.09 is Neutral, neither overbought nor oversold. The STOCH value of 59.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CIFR.
Cipher Mining Risk Analysis
Cipher Mining disclosed 62 risk factors in its most recent earnings report. Cipher Mining reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cipher Mining Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $466.09M | 1.58 | 22.65% | ― | 9.52% | 496.04% | |
54 Neutral | $5.31B | -6.51 | -21.05% | ― | 103.62% | 49.48% | |
53 Neutral | $5.81B | -6.85 | -107.05% | ― | 35.41% | -38.08% | |
50 Neutral | $6.51B | -9.02 | -361.19% | ― | 30.58% | -752.41% | |
46 Neutral | $3.26B | -2.43 | -30.59% | ― | 53.51% | 112.53% | |
43 Neutral | $847.09M | -9,981.68 | -2.75% | ― | ― | ― |
* Financial Sector Average
CIFR
Cipher Mining
14.35
11.81
464.96%
RIOT
Riot Platforms
14.01
6.24
80.24%
WULF
TeraWulf Inc
15.35
12.42
423.89%
MARA
MARA Holdings
8.58
-5.06
-37.10%
ABTC
American Bitcoin Corp
0.91
-0.02
-1.83%
BTBT
Bit Digital
1.44
-0.83
-36.56%
Cipher Mining Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Cipher Mining Secures $200 Million Revolving Credit Facility
Positive
Mar 25, 2026
On March 23, 2026, Cipher Digital Inc. entered into a $200 million revolving credit facility with a syndicate of banks led by Morgan Stanley Senior Funding, Inc., including a $50 million letter of credit sublimit and the ability to borrow, repay a...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Cipher Digital Rebrands and Pivots to HPC Data Centers
Positive
Feb 24, 2026
Cipher Digital Inc., formerly Cipher Mining Inc., operates in the high-performance computing data center industry, developing large-scale, power-intensive facilities for hyperscale clients such as AWS, Google and Fluidstack. The company leverages ...
Business Operations and StrategyExecutive/Board Changes
Cipher Mining Adds Director to Support Infrastructure Pivot
Positive
Feb 11, 2026
On February 11, 2026, Cipher Mining Inc. expanded its board from seven to eight members and appointed real estate investment specialist Thomas Duda as a director, with immediate effect. Duda, who has more than two decades of experience and current...
Business Operations and StrategyPrivate Placements and Financing
Cipher Mining Subsidiary Completes $2 Billion Note Offering
Positive
Feb 11, 2026
On February 11, 2026, Cipher subsidiary Black Pearl Compute LLC completed a $2.0 billion private offering of 6.125% senior secured notes due 2031, sold at par to qualified institutional buyers and certain non-U.S. investors. The proceeds are earma...
Business Operations and StrategyPrivate Placements and Financing
Cipher Mining Subsidiary Prices $2 Billion Secured Notes
Positive
Feb 5, 2026
On February 4, 2026, Cipher Mining announced that its wholly owned subsidiary Black Pearl Compute LLC priced a $2.0 billion offering of 6.125% senior secured notes due 2031 at par in a private placement to qualified institutional buyers and certai...
Business Operations and StrategyPrivate Placements and Financing
Cipher Mining Plans $2 Billion Notes for Data Center
Positive
Feb 3, 2026
On February 3, 2026, Cipher Mining announced that its wholly owned indirect subsidiary Black Pearl Compute LLC intends to privately offer $2 billion of senior secured notes due 2031 to qualified institutional buyers and certain non-U.S. investors,...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.