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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 | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 158.85M | 151.27M | 126.84M | 3.04M | 0.00 | 0.00 |
| Gross Profit | 33.92M | 28.11M | 76.53M | 2.29M | -4.87K | 0.00 |
| EBITDA | -1.91M | 61.09M | 39.70M | -31.93M | -72.12M | 1.11M |
| Net Income | -154.00M | -44.63M | -25.78M | -39.05M | -72.15M | 1.11M |
Balance Sheet | ||||||
| Total Assets | 1.02B | 855.45M | 566.14M | 418.46M | 354.17M | 173.09K |
| Cash, Cash Equivalents and Short-Term Investments | 62.70M | 5.58M | 86.11M | 11.93M | 209.84M | 0.00 |
| Total Debt | 189.29M | 56.39M | 21.98M | 20.66M | 0.00 | 0.00 |
| Total Liabilities | 269.86M | 173.49M | 74.80M | 75.57M | 636.05K | 176.57K |
| Stockholders Equity | 748.90M | 681.95M | 491.34M | 342.89M | 353.53M | -3.48K |
Cash Flow | ||||||
| Free Cash Flow | -521.97M | -227.01M | -149.26M | -248.83M | -36.78M | -321.64K |
| Operating Cash Flow | -138.98M | -87.51M | -94.24M | -20.91M | -31.67M | -321.64K |
| Investing Cash Flow | -240.29M | -192.13M | 52.76M | -173.91M | -120.14M | -170.00M |
| Financing Cash Flow | 333.80M | 213.51M | 115.66M | -3.09M | 361.65M | 171.60M |
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 | $4.82B | 39.73 | 5.24% | ― | 103.62% | 49.48% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $4.04B | 5.50 | 23.13% | ― | 53.51% | 112.53% | |
64 Neutral | $637.64M | 5.21 | 22.44% | ― | 9.52% | 496.04% | |
56 Neutral | $5.69B | -79.53 | -9.69% | ― | 35.41% | -38.08% | |
53 Neutral | $4.85B | -8.32 | -181.95% | ― | 30.58% | -752.41% | |
39 Underperform | $1.53B | -2.12 | -2.75% | ― | ― | ― |
Cipher Mining Corporate Events
On November 24, 2025, Cipher Compute LLC, a subsidiary of Cipher Mining Inc., completed a private offering of $333 million in senior secured notes to finance the expansion of its Barber Lake Facility in Texas. These notes, which are part of a larger series due in 2030, are intended to support the construction of additional facilities and include specific covenants and redemption options, reflecting Cipher’s strategic efforts to enhance its operational capabilities and market positioning.
On November 20, 2025, Cipher Mining Inc. announced an amended agreement with Fluidstack and Google, expanding its Barber Lake data center capacity in Texas by an additional 39 MW, with completion expected by January 2027. This expansion, part of a 10-year HPC colocation agreement with Fluidstack, is projected to generate approximately $830 million in revenue, with potential extensions increasing the total to $9 billion. Google has increased its financial backing of Fluidstack’s obligations by $333 million, supporting the project’s growth and Cipher’s strategic positioning in the industry.
On November 13, 2025, Cipher Compute LLC, a subsidiary of Cipher Mining Inc., completed a private offering of $1.4 billion in 7.125% Senior Secured Notes due 2030. The proceeds will finance the construction of the Barber Lake Facility, a high-performance computing data center in Texas. The notes, issued at 100% of their principal amount, are subject to various covenants and redemption options, and Cipher will provide a completion guarantee for the facility.
On November 5, 2025, Cipher Mining Inc. announced that its subsidiary, Cipher Compute LLC, has priced a $1.4 billion offering of 7.125% senior secured notes due 2030. The proceeds from this offering are intended to finance the construction of the Barber Lake Facility, a high-performance computing data center in Texas. The notes will be sold to qualified institutional buyers, and the offering is expected to close on November 13, 2025, subject to market conditions. This move is part of Cipher’s strategy to expand its data center operations and strengthen its position in the industry.
On September 25, 2025, Cipher Mining Inc.’s subsidiary, Cipher Barber Lake LLC, entered into a lease agreement with Fluidstack USA II Inc. for the development of a 244 MW HPC data center facility near Colorado City, Texas. This move is part of Cipher’s strategic efforts to expand its data center operations, potentially impacting its operational capacity and market positioning in the cryptocurrency mining sector.
On November 4, 2025, Cipher Mining Inc. announced that its subsidiary, Cipher Compute LLC, plans to offer $1.4 billion in senior secured notes due 2030, subject to market conditions. The proceeds will finance the construction of a high-performance computing data center, the Barber Lake Facility, in Texas. The offering will be secured by assets of the issuer and guarantor, and includes a completion guarantee from Cipher. This move is expected to enhance Cipher’s position in the data center industry by expanding its infrastructure capabilities.
On November 3, 2025, Cipher Mining announced its third quarter 2025 financial results and significant corporate developments. The company reported a revenue of $72 million and non-GAAP adjusted earnings of $41 million. Notably, Cipher secured a 15-year lease agreement with Amazon Web Services to provide space and power for AI workloads, and formed a joint venture to develop a 1-gigawatt site in West Texas. These strategic moves are expected to enhance Cipher’s credibility and positioning in the HPC space, as well as capitalize on the growing demand for data center capacity.
On October 6, 2025, Cipher Mining announced the retirement of its Chief Financial Officer, Edward Farrell, effective October 14, 2025. Mr. Farrell, who played a crucial role in the company’s early success and public listing, will transition to a Senior Advisor role to ensure a smooth leadership change. Gregory Mumford, with over a decade of experience in financial services and digital infrastructure, will succeed Mr. Farrell as CFO. Mr. Mumford’s appointment is expected to bolster Cipher’s growth strategy, leveraging his expertise in capital markets and strategic advisory.
On September 30, 2025, Cipher Mining Inc. issued $1.3 billion in 0.00% Convertible Senior Notes due 2031, with an additional option for $200 million fully exercised by initial purchasers. These notes are senior, unsecured obligations and are convertible under certain conditions, with a maturity date of October 1, 2031. The company also entered into capped call transactions to mitigate potential dilution of its common stock upon conversion of the notes, with a cap price set at $23.32, representing a 100% premium over the stock’s last reported sale price on September 25, 2025.
On September 25, 2025, Cipher Mining Inc. announced the pricing of its $1.1 billion convertible senior notes due 2031 in a private offering to qualified institutional buyers. The offering size was increased from the previously announced $800 million, and the notes are set to settle on September 30, 2025. The proceeds will be used to fund data center construction, accelerate HPC strategy, expand development sites, and for general corporate purposes. The issuance is expected to impact Cipher’s market positioning by supporting its growth in bitcoin mining and HPC hosting, potentially affecting the market price of its common stock through associated financial transactions.
On September 25, 2025, Cipher Mining Inc. announced its intention to offer $800 million in convertible senior notes due 2031 in a private offering to qualified institutional buyers. The proceeds will be used to finance data center construction at Barber Lake, accelerate the company’s HPC strategy, expand its development pipeline, and for general corporate purposes. This move is expected to enhance Cipher’s operational capacity and strengthen its position in the data center and bitcoin mining industry.
On September 25, 2025, Cipher Mining Inc. announced a 10-year high-performance computing colocation agreement with Fluidstack, which includes the development of a data center facility in Colorado City, Texas, expected to deliver 168 megawatts of critical IT load by September 2026. This agreement, backed by Google with a $1.4 billion backstop of Fluidstack’s obligations, is projected to secure approximately $3 billion in contracted revenue over the initial term, establishing Cipher as a major AI data center developer and strengthening its position in the rapidly growing HPC sector.