Market›information-technology›software›application-software›CIFR›Apr 27, 2026
Briefing #1 of 1

CIFR briefing — Cipher Digital Inc. (formerly Cipher Mining Inc.)

Released: 2026-04-27 Briefing series: #1 of N Prior briefing: first in series Stock at release: $18.16 Inflection pattern: volatile_grower

Price history with reaction-annotated news events

Chart: Price history with material news events annotated. Green dots = positive market reaction, red dots = negative, sized by reaction magnitude. Methodology: market-adjusted abnormal return over 2-day event window. Full dataset available at tickerdossier.com.

What changed since the last briefing

(This is the first briefing in the series.)

Company snapshot

The arc

| Date | Event | Source | |------|-------|--------| | 2026-04-20 | [DEF 14A proxy statement filed] | DEF 14A, 2026-04-20 | | 2026-03-25 | Material agreement: On March 23, 2026 (the “Closing Date”), Cipher Digital Inc. | 8-K, 2026-03-25 | | 2026-02-24 | FY2025 10-K filed: portfolio 4.2 GW / 10 sites; Barber Lake 300 MW (Fluidstack/Google) + Black Pearl 300 MW (Amazon) under construction; Odessa 207 MW mining; balance sheet: cash $628M, restricted cash $1,761M, total assets $4,292M, long-term debt $2,712M; net loss -$822.2M. | 10-K FY2025, filed 2026-02-24 | | 2026-02-20 | Company renamed from "Cipher Mining Inc." to "Cipher Digital Inc." | 10-K FY2025, filed 2026-02-24 | | 2026-02-19 | Sold 49% interests in three WindHQ JV bitcoin mining sites (Alborz, Bear, Chief — 3 × 40 MW) to Canaan U.S. Inc. | 10-K FY2025, filed 2026-02-24 | | 2026-02-11 | Officer/director change: F Certain Officers; Compensatory Arrangements of Certain Officers. | 8-K, 2026-02-11 | | 2026-02-05 | (“Cipher” or the “Company”) issued a press release announcing that Black Pearl Compute LLC, its wholly-owned indirect… | 8-K, 2026-02-05 | | 2026-02-03 | Black Pearl bitcoin mining operations ceased in February 2026 in preparation for Amazon data center conversion. | 10-K FY2025, filed 2026-02-24 | | 2026-02-03 | In connection with the proposed offering discussed below, Cipher Mining Inc. | 8-K, 2026-02-03 | | 2025-12-01 | Acquired Milsing Site (East Texas, up to 500 MW, 2028–2029 energization target); exercised option on special purpose entity. | 10-K FY2025, filed 2026-02-24 | | 2025-11-01 | Acquired majority interest in Colchis Site JV (West Texas, 1 GW capacity, AEP dual interconnection, 2028 target); 620 acres adjacent to existing substation. | 10-K FY2025, filed 2026-02-24 | | 2025-11-13 | Material agreement: Senior Secured Notes Offering General On November 13, 2025, Cipher Compute LLC (“Cipher Compute” or the “Is… | 8-K, 2025-11-13 | | 2025-11-06 | (“Cipher” or the “Company”) issued a press release announcing that Cipher Compute LLC, its wholly-owned indirect… | 8-K, 2025-11-06 | | 2025-11-04 | (“Cipher” or the “Company”) issued a press release announcing the intention of Cipher Compute LLC, its wholly-owned… | 8-K, 2025-11-04 | | 2025-11-01 | Amazon lease signed: 15-year lease agreement with Amazon Web Services at Black Pearl (300 MW, Wink TX); initial delivery Q4 2026. | 10-K FY2025, filed 2026-02-24 | | 2025-10-01 | Google (via Fluidstack) lease signed at Barber Lake: 300 MW, Phase I delivery September 30, 2026 target; Google backstops Fluidstack obligations. | 10-K FY2025, filed 2026-02-24 | | 2025-09-01 | Black Pearl bitcoin mining ramped to 150 MW capacity by September 2025. | 10-K FY2025, filed 2026-02-24 | | 2025-06-01 | Black Pearl bitcoin mining commenced (June 2025). | 10-K FY2025, filed 2026-02-24 | | 2025-12-01 | Ulysses Site acquired (Ohio, 200 MW, AEP Ohio power, 2027 energization target) — first non-Texas site. | 10-K FY2025, filed 2026-02-24 | | 2025-02-25 | FY2024 10-K filed. | 10-K FY2024, filed 2025-02-25 |

Current state

Year-over-year changes (FY2024 → FY2025)

| Metric | FY2024 | FY2025 | Change | |--------|--------|--------|--------| | Revenue (primarily mining) ($M) | 151.3 | 223.9 | — | | HPC revenue ($M) | — | — | N/A (first revenue expected Q4 2026) | | Net loss ($M) | (44.6) | (822.2) | — | | Cash ($M) | 5.6 | 628 | — | | Restricted cash current ($M) | 5.6 | 1,761 | — | | Total assets ($M) | 855.4 | 4,292 | — | | Long-term debt ($M) | 0.0 | 2,712 | — |Source: 10-K FY2025 filed 2026-02-24. FY2024 revenue and prior-year comparative figures not available in provided filing summary.

FY2025 narrative — from miner to HPC developer. Cipher Mining underwent its most consequential year in 2025. The company signed two landmark HPC leases — Fluidstack/Google at Barber Lake (300 MW, Q3 2025) and Amazon at Black Pearl (300 MW, October 2025) — and simultaneously ceased bitcoin mining at Black Pearl in preparation for conversion. The 2.8¢/kWh Odessa power contract (below ERCOT market) remains the company's sole revenue-generating asset through the conversion period. The name change to Cipher Digital (February 20, 2026) formalizes the repositioning. As of December 31, 2025, no HPC revenue had been recognized — both major leases have delivery targets in Q4 2026. (10-K FY2025, filed 2026-02-24.)

Balance sheet is pre-revenue on the HPC side. Cash $628M + restricted cash $1,761M = $2,389M of liquidity as of December 31, 2025. Total assets $4,292M; long-term debt $2,712M. The high restricted cash balance likely represents escrow or collateral associated with the HPC construction programs. Net loss of -$822.2M in FY2025 reflects both the transition costs and the early-stage pre-revenue status of the HPC business. (10-K FY2025, filed 2026-02-24.)

Portfolio: 4.2 GW across 10 sites at development. The active development sites are Barber Lake (300 MW, ERCOT, Fluidstack/Google tenant) and Black Pearl (300 MW, ERCOT, Amazon tenant). The 3.4 GW pipeline spans seven additional sites (Colchis 1 GW, Ulysses 200 MW Ohio, Stingray 100 MW, Reveille 70 MW, McLennan 500 MW, Mikeska 500 MW, Milsing 500 MW). Odessa (207 MW) operates bitcoin mining under the favorable Luminant power contract until at least July 2027. The WindHQ JV interests (3 × 40 MW bitcoin mining) were sold to Canaan on February 19, 2026. (10-K FY2025, filed 2026-02-24.)

Key numbers

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | |--------|--------|--------|--------|--------| | Revenue ($M) | 3.0 | 126.8 | 151.3 | 223.9 | | HPC revenue ($M) | — | — | — | — | | Net loss ($M) | (39.1) | (25.8) | (44.6) | (822.2) | | Cash ($M) | 11.9 | 74.2 | 5.6 | 628 | | Restricted cash ($M) | 11.9 | 74.2 | 5.6 | 1,761 | | Total assets ($M) | 418.5 | 566.1 | 855.4 | 4,292 | | Long-term debt ($M) | [DATA NEEDED] | [DATA NEEDED] | 0.0 | 2,712 | | HPC contracted capacity (MW) | — | — | — | 600 (active construction) | | Total pipeline (GW) | [DATA NEEDED] | [DATA NEEDED] | [DATA NEEDED] | 4.2 | | Bitcoin mining capacity (MW) | [DATA NEEDED] | [DATA NEEDED] | [DATA NEEDED] | 207 (Odessa) |Source: 10-K FY2025 filed 2026-02-24. Revenue and prior-year financials not available in provided filing summaries.

Ownership

Source: DEF 14A filed 2026-04-20 — ownership data not available in provided filing summary.

Peers

WULF (TeraWulf Inc.) — Bitcoin miner transitioning to HPC; also has Fluidstack/Google lease at Lake Mariner and Abernathy JV. Closest strategic peer to CIFR in terms of transition stage and tenant mix (both have Google-backstopped Fluidstack deals).

APLD (Applied Digital Corp.) — HPC data center hosting; has existing HPC revenue from 286 MW Jamestown + Ellendale facilities; building Polaris Forge campus. More advanced on revenue, earlier on site pipeline scale.

EQIX (Equinix, Inc.) — Global data center REIT; much larger scale but the primary reference point for long-term data center lease economics and valuation multiples.

DLR (Digital Realty Trust, Inc.) — Data center REIT; hyperscaler-focused; another reference for contracted HPC data center valuations.

MARA (MARA Holdings) — Bitcoin miner; represents the alternative path (staying in mining) that CIFR chose not to follow.

Recent news (last 6 months)

| Date | Headline | Source | Market reaction | |------|----------|--------|-----------------| | 2026-04-20 | DEF 14A proxy statement filed | DEF 14A, 2026-04-20 | [DATA NEEDED] | | 2026-03-25 | Material agreement: On March 23, 2026 (the “Closing Date”), Cipher Digital Inc. | 8-K, 2026-03-25 | -2.3% | | 2026-02-24 | FY2025 10-K filed: 4.2 GW pipeline, $4.3B total assets, $2.7B long-term debt | 10-K FY2025, 2026-02-24 | [DATA NEEDED] | | 2026-02-20 | Name change: Cipher Mining → Cipher Digital Inc. | 10-K FY2025 / press release | [DATA NEEDED] | | 2026-02-19 | Sold WindHQ JV interests (3 × 40 MW) to Canaan U.S. Inc. | 10-K FY2025 | -5.5% | | 2026-02-11 | Officer/director change: F Certain Officers; Compensatory Arrangements of Certain Officers. | 8-K, 2026-02-11 | [DATA NEEDED] | | 2026-02-05 | (“Cipher” or the “Company”) issued a press release announcing that Black Pearl Compute LLC, its wholly-owned indirect… | 8-K, 2026-02-05 | [DATA NEEDED] | | 2026-02-03 | Black Pearl bitcoin mining ceased; Amazon site conversion begins | 10-K FY2025 | [DATA NEEDED] | | 2025-11-24 | Material agreement: Additional Senior Secured Notes Offering General On November 24, 2025, Cipher Compute LLC (“Cipher Compute”… | 8-K, 2025-11-24 | [DATA NEEDED] | | 2025-11-20 | Material agreement: Lake”), a wholly owned indirect subsidiary of Cipher Mining Inc. | 8-K, 2025-11-20 | -2.7% | | 2025-11-13 | Material agreement: Senior Secured Notes Offering General On November 13, 2025, Cipher Compute LLC (“Cipher Compute” or the “Is… | 8-K, 2025-11-13 | -15.7% | | 2025-11-06 | (“Cipher” or the “Company”) issued a press release announcing that Cipher Compute LLC, its wholly-owned indirect… | 8-K, 2025-11-06 | -15.3% | | 2025-11-04 | (“Cipher” or the “Company”) issued a press release announcing the intention of Cipher Compute LLC, its wholly-owned… | 8-K, 2025-11-04 | [DATA NEEDED] |

Market reaction data requires CIFR.json chart file access. Several 8-K event descriptions not available in summarized files.

What moves this stock

| News type | Events | Avg reaction | Best example | |-----------|--------|--------------|--------------| | HPC lease signings | — | [DATA NEEDED] | Amazon lease (Oct 2025) | | Construction milestones / delivery updates | — | [DATA NEEDED] | Barber Lake Phase I target (Sep 30, 2026) | | Site pipeline acquisitions | — | [DATA NEEDED] | Colchis 1 GW (Nov 2025) | | Bitcoin price / mining news | — | [DATA NEEDED] | Odessa still generates bitcoin revenue |

Market-adjusted abnormal return data requires JSON chart file access.

Open questions

  1. Q4 2026 delivery risk at Barber Lake and Black Pearl: Both major HPC leases target initial delivery in Q4 2026 — Barber Lake Phase I by September 30, 2026 and Black Pearl initial subphase by Q4 2026. If either slips, rent commencement is delayed and the company's path to revenue is pushed out. The 10-K risk factors explicitly list construction risk, supply chain delays, and power interconnection delays as material risks. What is the current construction status of each facility?

  2. Restricted cash $1.761B: The balance sheet shows $1,761M in current restricted cash as of December 31, 2025 — nearly three times the unrestricted cash balance. This is likely collateral or escrowed cash tied to the HPC construction programs or lease obligations. Understanding the conditions for release is critical to the true liquidity picture. Verify composition and release conditions in 10-K footnotes.

  3. $2.712B long-term debt with no HPC revenue yet: The company carries $2,712M in long-term debt as of December 31, 2025, with HPC revenue expected to commence in Q4 2026 at the earliest. What is the debt service schedule, the interest rate profile, and whether the construction period is covered by interest reserves or draw-down structures? The 10-K risk factors warn the company "may not be able to generate sufficient cash to service all of our indebtedness."

  4. Luminant power contract expiry July 2027: The Odessa Facility's 2.8¢/kWh power contract (one of the cheapest in ERCOT) expires in July 2027. This is both an opportunity (Odessa becomes available for HPC conversion post-2027) and a risk (bitcoin mining at Odessa becomes uneconomical at market power rates). What is the plan for Odessa post-July 2027?

  5. Amazon lease economics: The 15-year Amazon lease at Black Pearl represents approximately $300 MW of contracted capacity. If the per-MW annual rent is in the range of industry benchmarks ($1–2M/MW/year), this could be a $300–600M/year revenue contract. However, the exact rent rate, escalators, and upfront build-to-suit cost recovery are not disclosed in the available summary. Verify lease economics in 10-K footnotes.

  6. Google backstop scope for Fluidstack at Barber Lake: Google has agreed to backstop "certain obligations" of Fluidstack under the HPC leases. The scope of Google's backstop — whether it covers full rent guaranty, construction completion, or only specific performance obligations — determines the actual credit quality of the Barber Lake lease. The 10-K risk factors note "tenants' guarantees and other backstop arrangements will only be effective after rent commencement" — verify what happens during the construction period.

  7. Geographic concentration in ERCOT: 9 of 10 sites are in Texas (ERCOT market). The 10-K explicitly flags Texas-specific concentration risk: regulatory changes, severe weather events (recall Winter Storm Uri 2021), and ERCOT policy changes affecting large load interconnections. The Ulysses Site (Ohio, PJM market) is the company's first diversification outside Texas — but 4.0 of the 4.2 GW pipeline is ERCOT.

Red flags / things to verify

Sources

Disclaimer: This briefing is for informational purposes only and does not constitute investment advice. All figures sourced from public SEC filings. Stock price at release marked [DATA NEEDED] where not available from chart data.

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