Key Stats for Cipher Digital Stock
- 52-Week Range: $2.77 to $25.52
- Current Price: $18.16
- Street Mean Target: ~$28
- Street High Target: $53
- Market Cap: $7.4 billion
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From Bitcoin Miner to Hyperscaler Landlord: What Cipher Digital Is Building
Cipher Mining no longer exists, as the company officially rebranded to Cipher Digital (CIFR) in February 2026, and the name change reflects a whole different company. This is no longer a Bitcoin mining business that is dabbling in AI infrastructure. It is now an AI infrastructure business that is still winding down its Bitcoin mining operations.
The pivot centers on two anchor leases that will define the company’s revenue profile over the next decade. The first is a 15-year, 300 megawatt lease with AWS at the Black Pearl campus in Texas, part of a joint entity developed specifically for AI infrastructure capacity, representing approximately $5.5 billion in contracted revenue.
The second is a 10-year, 300 megawatt lease with Fluidstack and Google at the Barber Lake campus. Together, these two deals represent $9.3 billion in contracted revenue, both facilities fully funded through high-yield bond offerings completed during Q4 2025.
What makes Cipher’s model different from IREN’s or Applied Digital’s is its PowerShell approach. Cipher does not operate GPUs or provide compute services directly. It sources power, builds the physical infrastructure, and leases capacity to hyperscalers on long-term contracts.
That limits the upside relative to a full-stack AI cloud operator, but it also dramatically reduces the risk of hardware obsolescence and creates revenue streams that look more like commercial real estate than a technology company. The long-term contracted NOI from just these two deals is expected to average around $669 million annually through 2036.
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What Wall Street Is Saying About Cipher Digital
The analyst sentiment shift here is as dramatic as any stock in this series. The mean price target was $7.77 in March 2025. It is $27.79 today, with a high target of $53. The stock at $18.16 implies around 53% upside to the mean and nearly 190% to the high. Fourteen analysts cover the stock, with nine buys, five outperform, and no holds or sells. That is about as clean a bullish consensus as you will find.
The bear case, such as it is, comes largely from the transition risk. Bitcoin mining still accounts for all of the current reported revenue, with HPC lease revenue not beginning until late 2026, when Barber Lake and Black Pearl come online. Investors are being asked to pay for a business that does not yet look like what it will eventually become, which requires confidence in construction timelines, hyperscaler contract execution, and Bitcoin price stability in the interim.
Cipher Digital Stock Financials: The Revenue That Matters Has Not Started Yet
The revenue chart tells the story of a Bitcoin mining business, not the AI infrastructure company Cipher is becoming. Revenue grew from $3 million in 2022 to $223.9 million in 2025, driven entirely by Bitcoin mining. Gross margins compressed sharply from 75% in 2022 to around 28% in 2025, reflecting both the cost of running a larger mining operation and the impact of increases in network difficulty on mining economics.
Neither of these numbers reflects what the income statement will look like in 2027 when both hyperscaler leases are generating full revenue. The forward two-year revenue CAGR consensus sits around 96%, and the forward two-year EBITDA CAGR sits around 273%. Those are not growth rates built on Bitcoin mining. They reflect the expected step change as long-term lease revenue begins to flow from AWS and Google contracts that are already signed, funded, and under construction.
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The balance sheet carries $2.1 billion in net debt, the natural consequence of financing two 300-megawatt data center campuses simultaneously. The company ended 2025 with $754 million in liquidity, including $628 million in cash and $125 million in Bitcoin holdings, and plans to fully exit Bitcoin by the end of 2026, redeploying those proceeds into infrastructure development.
The 3.4-gigawatt total development pipeline, including the 1-gigawatt Colchis site in West Texas, secured in Q3 2025, gives management a long runway for potential future contracts beyond the two already signed.
Should You Invest in Cipher Digital?
Cipher Digital is asking investors to look past the current financials and underwrite a business that will look fundamentally different by 2027. The contracts are real, the counterparties are AWS and Google, the funding is in place, and the construction is on schedule. That is a more concrete foundation than most pre-revenue infrastructure stories offer.
The risks are real, too. $2.1 billion in net debt is a meaningful obligation, Bitcoin price volatility creates near-term earnings noise, and the power shell model caps the long-term multiple relative to full-stack AI operators. Add Cipher Digital to your TIKR watchlist and track construction milestones and Bitcoin exit progress as the two metrics that will tell you whether the transition is executing on schedule.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
