CIFR
Cipher Digital Inc.

Cipher Digital Inc.CIFR

Technology · Information Technology Services
8.98USD
-10.56%
Oct 17, 2026
CIFR overview ready
Converting Power and Site Expertise into Long-Term HPC Data-Center Hosting
Cipher is converting its power-development, site, engineering, and operating capabilities into long-term HPC data-center campus hosting for hyperscale and AI-cloud tenants, while retaining bitcoin-mining operations.
Strong narrative exposure
Exposed to the AI Compute Infrastructure Buildout narrative through AI Cloud Capacity and Powered Land — infrastructure supplier.
Constructive pullback in an uptrend
Longer-term context reads new trend, with a near-term setup of constructive pullback.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Volatility in bitcoin prices impacting mining profitability.
Market Oct 16Filing Jun 30Price action Aug 4

Conviction Level

Theme Heat, Business Quality have no canonical measurement for this company — research-profile dimensions, not inputs to this score.

NarrativeHeat—ThemeHeat—PriceAction7.5Valuation0.3CompanyPosition9.3BusinessQuality—
Price
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Price Action

Constructive pullback in an uptrend
Longer-term context reads new trend, with a near-term setup of constructive pullback.

Key Financials

Market Cap
$3.7B
Avg Volume (60D)
38.7M
60 sessions
Revenue Growth YoY
+48.0%
FY2025 vs FY2024
Gross Margin
-10.0%
Operating Margin
-278.1%
Trailing twelve months
Free Cash Flow Yield
-40.0%
P/E
N/M
EV / Sales
44.1x
Market metrics as of Oct 16, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Fundamentals & Valuation

All three valuation perspectives agree this company is expensive.
Cipher Digital Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces.

What changed

Company Research

Thesis
Cipher is converting its power-development, site, engineering, and operating capabilities into long-term HPC data-center campus hosting for hyperscale and AI-cloud tenants, while retaining bitcoin-mining operations. CIFR is a direct infrastructure beneficiary of the AI compute buildout rather than a generic AI-adjacent name.
Opportunity
High opportunity
The development and operation of power-secured, hyperscale-capable data-center campuses for AI cloud and HPC tenants, where energized capacity, land, grid access, cooling readiness, and construction execution constrain supply.
Key risk
Volatility in bitcoin prices impacting mining profitability.

Narrative & Theme

AI Compute Infrastructure Buildout
Part of AI Cloud Capacity and Powered Land, with strong fit.
CIFR is a direct infrastructure beneficiary of the AI compute buildout rather than a generic AI-adjacent name.
Narrative HeatUnavailable
Theme HeatUnavailable

Business & Markets

Technology · Information Technology Services
What they do

Cipher Digital Inc. develops and operates industrial-scale data centers in the U.S. For bitcoin mining and high-performance compute hosting, building HPC facilities for hyperscaler tenants and managing power operations at a bitcoin mining site.

How it earns

The company generates revenue primarily through hosting services and bitcoin mining operations.

Products & services
Bitcoin mining data center operations
High-performance compute (HPC) data center hosting
Customers & end markets
Hyperscaler tenants
Cryptocurrency mining market
Market position

Niche player focused on bitcoin mining and HPC data center operations within the U.S.

Demand drivers
High cyclicality

Due to exposure to bitcoin mining profitability and demand fluctuations in HPC hosting.

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