Cipher Digital (CIFR)
Develops and leases power-secured data centers to hyperscale computing tenants.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Redburn Partners | Target | Target: — | Target: $18 |
| Sep 18, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $43.50 | Target: $54 |
| Sep 17, 2026 | Wells Fargo | Initiate | Rating: —Target: $18 | Target: $25 |
| Aug 10, 2026 | UBS | Target | Target: — | Target: $30 |
| Aug 6, 2026 | Morgan Stanley | Target | Target: $47 | Target: $43.50 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $4.06B · Total debt $5.59B · Total assets $7.50B · Shareholders' equity $562.1M
- Revenue
- $24.8M
- Operating income
- −$72.6M
- Net income
- −$267.5M
No dividends on record.
| Institutions | ≈ 86.38% | 358.50M shares | |
|---|---|---|---|
| 544 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 22.75% | 94.41M shares | |
| 9 holders · as of Jul 2, 2026 | |||
| Adds to | 109.13% | ||
415.03M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 109.13%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Top HoldCo B.V. BitfuryInsider10 percent owner | 22.50% | 93.38M | filed Jul 16, 2025 |
V3 Holding LtdInstitution | 14.05% | 58.32M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.33% | 30.41M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.81% | 24.12M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.97% | 16.49M | as of Jun 30, 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 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cipher Digital | $18.94 | +0.21% | $7.73B | — | — | 40.5 | −43.0% |
| Applied Digital | $28.77 | +2.05% | $8.12B | — | — | 14.1 | +580.7% |
| IREN | $47.98 | +1.59% | $16.85B | — | — | 23.8 | −26.8% |
| Core Scientific | $18.53 | +0.93% | $5.90B | — | 805.9 | 13.4 | +108.8% |
| TeraWulf | $17.56 | +0.63% | $8.65B | — | — | 52.3 | −6.0% |
| Hut 8 | $106.50 | +2.98% | $11.64B | — | — | — | +81.4% |
| MARA | $13.36 | +0.60% | $5.06B | — | — | 6.3 | −26.7% |
| Digital Realty | $186.37 | +0.02% | $68.94B | 90.0 | 79.7 | 10.1 | +28.9% |
| Median | 90.0 | 442.8 | 13.7 | +28.9% |