Top Page
Cipher Mining
(NASDAQ:CIFR)
Cipher Mining (CIFR) vs. SPDR S&P 500 ETF (SPY)
Cipher Mining Business Overview & Revenue Model
Cipher Mining Earnings Call Summary
Cipher Mining Financial Statement Overview
| 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
Cipher Mining Risk Analysis
Cipher Mining Peers Comparison
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 | $572.90M | 4.56 | 22.44% | ― | 9.52% | 496.04% | |
54 Neutral | $6.38B | -7.68 | -110.55% | ― | 35.41% | -38.08% | |
54 Neutral | $6.11B | 48.78 | 5.24% | ― | 103.62% | 49.48% | |
54 Neutral | $6.79B | -9.64 | -343.69% | ― | 30.58% | -752.41% | |
47 Neutral | $3.57B | -2.39 | ― | ― | 53.51% | 112.53% | |
43 Neutral | $946.16M | -0.25 | -2.75% | ― | ― | ― |
Cipher Mining Corporate Events
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 expertise in power sourcing, construction, engineering, operations and real estate to deliver purpose-built data centers that support next-generation compute workloads.
On February 20, 2026, the board approved a corporate name change to Cipher Digital Inc., with the charter and bylaws amended accordingly while its Nasdaq ticker CIFR and CUSIP remained unchanged. On February 24, 2026, Cipher reported fourth-quarter and full-year 2025 results and detailed a strategic pivot from bitcoin mining to HPC data center development, highlighted by a rebrand, a $40 million divestiture of non-core mining joint ventures to Canaan Inc., $3.73 billion in high-yield bond financing for Barber Lake and Black Pearl projects, 600 MW of contracted HPC capacity through long-term leases with AWS and Fluidstack/Google, and ongoing, on-schedule construction at its flagship data centers despite reporting Q4 2025 revenue of $60 million and an adjusted net loss of $55 million.
The most recent analyst rating on (CIFR) stock is a Buy with a $18.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.
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 currently serves as vice president of real estate at Henry Crown and Company, will sit on the compensation and nominating and corporate governance committees, with compensation aligned to other non-employee directors.
Cipher highlighted that Duda’s commercial real estate and infrastructure background will support its strategic pivot toward becoming a leading infrastructure and data center development company. The company emphasized that his appointment followed a standard nomination process, with no special arrangements, family ties or related-party transactions, underscoring governance standards as it scales its data center footprint for bitcoin mining and HPC hosting.
The most recent analyst rating on (CIFR) stock is a Buy with a $18.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.
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 earmarked to complete construction of the Black Pearl high-performance computing facility in Wink, Texas, reimburse Cipher about $232.5 million of prior equity contributions, fund debt service reserves, and cover related fees.
The notes, issued under an indenture with Wilmington Trust as trustee, carry semiannual interest payments starting August 15, 2026 and mature on February 15, 2031, with principal amortization beginning after all construction phases are completed. The financing introduces restrictive covenants on additional debt, liens, asset sales and non-core activities, while Cipher has provided a completion guarantee, underscoring its commitment to finishing the Black Pearl project and potentially strengthening its position in the high-performance computing data center market.
The most recent analyst rating on (CIFR) stock is a Buy with a $18.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.
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 certain non-U.S. investors, with closing expected on February 11, 2026 subject to market conditions. The proceeds are earmarked primarily to finance the remaining costs of the Black Pearl Facility, a high-performance computing data center in Wink, Texas, reimburse Cipher about $232.5 million for prior equity contributions tied to that project, fund debt service reserves and cover related fees, with the notes secured by first-priority liens on substantially all of the issuer’s and guarantors’ assets and supported by a completion guarantee from Cipher, underscoring the company’s commitment to expanding its HPC and bitcoin mining infrastructure and potentially reshaping its capital structure and risk profile for creditors and shareholders.
The most recent analyst rating on (CIFR) stock is a Buy with a $18.00 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.
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, with proceeds earmarked to finance a 300 MW high‑performance data center at the Black Pearl site in Wink, Texas. The facility, representing 216 MW of contracted critical IT load, is fully pre-leased to Amazon Data Services under a triple‑net, long‑term lease with a 3% annual rent escalator, phased rent commencements starting in October 2026, and no termination for convenience after final rent commencement, while Amazon.com, Inc. guarantees base rent and operating expenses and agrees to cover construction cost overruns above $9.5 million per IT megawatt, providing a sizable contracted revenue base and structured debt amortization that could enhance Cipher’s cash flow visibility and reinforce its positioning as a key AI and HPC infrastructure provider.
The most recent analyst rating on (CIFR) stock is a Hold with a $16.50 price target. To see the full list of analyst forecasts on Cipher Mining stock, see the CIFR Stock Forecast page.