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CIFR · NASDAQ · Information Technology Services

Cipher Digital

Develops and leases power-secured data centers to hyperscale computing tenants.

$15.18

After-hours close+0.01 (+0.06%)

At close$15.17(−9.51%)

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Profile

Cipher Mining Inc.CIFRInformation Technology

Develops and operates industrial-scale HPC data centers, earning lease revenue from hyperscale tenants while winding down Bitcoin mining. Long-term projects at Barber Lake and Black Pearl anchor a largely Texas-based pipeline, making construction delivery, power access and tenant commencements central to the business.

Develops, owns and operates industrial-scale data centers for high-performance computing, while continuing Bitcoin self-mining at Odessa during the transition. Long-term leases at Barber Lake and Black Pearl underpin the HPC business; additional sites form a development pipeline concentrated in Texas, with Ulysses in Ohio extending it into the PJM market.

Combines power and land origination, grid interconnection, data center design, construction oversight and facility operations. This power-first model converts sites assembled for energy-intensive mining into campuses designed for hyperscale tenants and supports new greenfield development.

Future lease revenue depends on completing tenant-specific construction and beginning rent on schedule. Most sites remain in Texas and rely on utilities, ERCOT approvals, contractors, equipment supply and large-load regulation; residual mining results remain tied to Bitcoin prices and electricity costs.

Company facts

CEORodney Tyler Page

ListedAug 30, 2021

ExchangeNASDAQ

HeadquartersNew York City, NY

CountryUnited States

Employees66

CIK0001819989

ISINUS17253J1060

Key statistics

Market cap$6.21B

EPS (ttm)−$2.87

P/E (ttm)−5.29

ROE-156.3%

P/B11.05

P/S32.47

Dividend yield—

Beta4.03vs XLK 2.17

Year to date −6.4% · Average volume (30d) 35.5M

Analysts

Price target, next 12 months$32.00+110.9%Median of 14 analysts · vs the Aug 28 close

ConsensusBuy14 of 14 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $15.17

High$43.50+186.8%

Median$32.00+110.9%

Low$22.00+45.0%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Aug 10, 2026	UBS	Target			$30
Aug 6, 2026	Morgan Stanley	Target		$47	$43.50
Jul 26, 2026	Chardan Capital	Target			$32
Jul 20, 2026	Morgan Stanley	Reiterate	Overweight	$48.50	$47
Jun 24, 2026	BTIG	Reiterate	Buy	$25	$35

Earnings

EPS

Estimate−$0.25

ReportedDue Nov 2, 2026

Revenue

Estimate$37.6M

ReportedDue Nov 2, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 4, 2026Q2 FY26	−$0.25	−$0.65	−162.7%	$31.9M	$24.8M	−22.0%	−15.65%
May 5, 2026Q1 FY26	−$0.27	−$0.28	−3.7%	$36.1M	$34.8M	−3.5%	−0.86%
Feb 24, 2026Q4 FY25	−$0.12	−$1.92	−1,500.0%	$86.0M	$60.0M	−30.3%	−2.98%
Nov 3, 2025Q3 FY25	−$0.08	−$0.01	+87.5%	$87.2M	$71.7M	−17.7%	−1.10%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$49.0M	$43.6M	$71.7M	$59.7M	$34.8M	$24.8M
Gross profit	$19.8M	$12.6M	$30.5M	$730.0K	−$36.9M	−$32.6M
Operating income	−$38.1M	−$45.2M	−$37.6M	−$228.9M	−$48.6M	−$72.6M
Net income	−$39.0M	−$45.8M	−$3.3M	−$734.2M	−$114.3M	−$267.5M
Diluted EPS	−$0.11	−$0.12	−$0.01	−$1.93	−$0.28	−$0.65
Gross margin	40.4%	28.9%	42.6%	1.2%	-105.9%	-131.1%
Operating margin	-77.8%	-103.9%	-52.5%	-383.4%	-139.6%	-292.5%

Fiscal years (4-quarter sums)FY21 $0 · FY22 $3.0M · FY23 $126.8M · FY24 $151.3M · FY25 $223.9M

Revenue by product · Q2 FY26

Bitcoin Mining$24.8M · 100%

Balance sheet, Jun 30, 2026Cash & short-term investments $4.06B · Total debt $5.59B · Total assets $7.50B · Shareholders' equity $562.1M

Dividends

No dividends on record.

Ownership

Institutions 93.67%383.17M sharesInsiders 3.56%14.58M sharesOther 2.77%11.30M shares

Shares outstanding 409.05M · Float 335.34M · 82.0% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Bitfury Top HoldCo B.V. · 10 percent owner	93.38M	22.83%	Form 4	Jul 16, 2025
V3 Holding Ltd	58.32M	14.26%	13F	Aug 11, 2026
BlackRock, Inc.	30.41M	7.44%	13F	Aug 7, 2026
Morgan Stanley	26.28M	6.30%	13G	Aug 13, 2026
Vanguard Portfolio Management LLC	24.12M	5.90%	13F	Aug 13, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Jul 9, 2026	Tyler Page	director, officer: Chief Executive Officer	−112,500	$22.68
Jul 8, 2026	Tyler Page	director, officer: Chief Executive Officer	−112,500	$21.19
Jun 18, 2026	Cary M. Grossman	director	−15,000	$29.43
Jun 16, 2026	James E. Newsome	director	−3,758	$26.60
May 11, 2026	James E. Newsome	director	−3,342	$20.96