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Cipher Digital Inc.
$6.4B
Market Cap
P/E
PEG
-26.0%
ROCE
N/M
ROE
3.31
D/E
16.5%
OPM
-42.3%
% from 52W High
82
α RS
🔍 CIFR is showing a sector-leadership setup because Sector RRG has Technology in the Leading quadrant with the trail still strengthening, RS Rating is 82, and it's hugging the 21 EMA. Net: Broad signal stack, not a recommendation. ? RRG RS Rating Technicals
Sources
Technology in Leading quadrant · RS Rating 82 · hugging 21 EMA
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🌏 Global Investor Returns
Currency-adjusted total returns for CIFR including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
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About

Cipher Digital Inc., together with its subsidiaries, develops and operates industrial-scale data centers for bitcoin mining and high-performance compute (HPC) hosting in the United States. It develops HPC data center facilities across various sites for hyperscaler tenants; operates power at one bitcoin mining data center; and maintains a pipeline across various sites. The company was formerly known as Cipher Mining Inc. and change its name to Cipher Digital Inc. in February 2026. The company was founded in 2021 and is headquartered in New York, New York.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding CIFR
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 13.23M $40.9M 0.05% Mar 2026
Jim Simons Renaissance Technologies LLC 1.90M $24.5M 0.04% Mar 2026
Steve Cohen Point72 Asset Management 1.71M $22.0M 0.03% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →
📊 MIXED Vertically integrated HPC data center developer with 907 MW contracted, $11.4B revenue.
Revenue & Profitability
Q1 2026 revenue was $35 million, down from $60 million in Q4 2025. GAAP net loss was $114 million ($0.28 per diluted share), compared to a $734 million loss last quarter (largely non-cash items). Interest expense rose to $59 million from $33 million due to project financings. Cost of revenue was $18 million, down from $24 million. Cash and equivalents stood at $715 million, with total assets of $6.4 billion.
Outlook
Management sees intense demand for large-scale AI data center infrastructure, particularly in West Texas, which has become a sought-after region. They believe conventional wisdom that hyperscalers avoid non-metro areas has been proven wrong. Geographic diversification into PJM (Ohio) strengthens their value proposition for tenants needing multi-market capacity. ERCOT's batch process is a near-term milestone, but management is confident in their site positioning.
Growth Drivers
Key growth levers include converting the 3.3 GW pipeline into contracted assets, notably Reveille (70 MW, Q3 2027 energization) and Ulysses (200 MW, Q4 2027 energization), both in advanced lease discussions. Behind-the-meter natural gas generation at West Texas sites offers significant upside. Potential compute ownership at smaller sites like Reveille could enhance returns if credit support emerges.
Balance Sheet & CapEx
Capital allocation focuses on non-recourse project financing. Barber Lake is funded with $1.7 billion in secured notes (6.125% coupon), and Black Pearl with $2 billion (6.125% coupon). The $200 million corporate revolver remains undrawn. No additional capital is planned for Bitcoin mining; the Stingray site (100 MW) is mobilizing with a Q4 2026 energization target.
Margins
Not discussed in this earnings call.
Key Risks
Risks flagged include dependency on ERCOT's batch process for interconnection approvals (finalization expected June 2026), construction execution risk (though management is confident), and the need to convert pipeline sites to contracted assets. Bitcoin mining wind-down and power price fluctuations are also noted. The Odessa PPA has a fixed price of ~$0.028/kWh through mid-2027, providing a buffer.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Early delivery at Black Pearl, robust pipeline growth, and strong tenant demand highlight a transformative quarter. Financials reflect a strategic shift to contracted data center revenue, with ample liquidity and disciplined capital allocation supporting future growth.
Q1 2026 Q1 2026 2026-05-05
Q1 2026 saw major execution milestones, including a third hyperscale lease, $2B bond financing, and strong progress on multiple data centers. Revenue declined as Bitcoin mining winds down, but long-term contracted cash flows and a robust pipeline position the business for durable growth.
Q4 2025 Q4 2025 2026-02-24
Transformed into a digital infrastructure company, securing major hyperscale leases and fully funding key projects through successful bond offerings. Revenue declined due to Bitcoin mining exit, but long-term contracted cash flows and a robust development pipeline position the business for predictable growth.
Q3 2025 Q3 2025 2025-11-03
Q3 2025 marked a transformative shift into HPC, with major AWS and Google/Fluidstack deals totaling over $8.5B in contracted revenue, a $1.3B convertible note, and a 1 GW JV site added to the pipeline. Mining operations exceeded expectations, and the balance sheet is robust.
Q2 2025 Q2 2025 2025-08-07
Q2 2025 saw strong execution with Black Pearl Phase 1 energized ahead of schedule, revenue of $44M, and adjusted earnings up 400% sequentially. The company is expanding its flexible infrastructure for both Bitcoin mining and HPC, with a robust pipeline and no short-term debt.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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