Cipher Mining

The company was founded in 2021 as a U.S.-based subsidiary of Bitfury Holding B.V. and entered public markets that year through a SPAC merger with Good Works Acquisition Corp., valuing the combined entity at $2.0 billion. CEO Tyler Page, who previously held senior roles at NYDIG, Guggenheim Partners, and Goldman Sachs, has led the company since its formation. Shares trade on NASDAQ under the ticker CIFR.

Cipher originally built a Bitcoin mining footprint across Texas, operating data centers including the Odessa, Alborz, Bear, and Chief sites. In 2024, the company repositioned its portfolio toward hyperscale AI infrastructure, using existing land, power agreements, and cooling capacity. The February 2026 name change to Cipher Digital formalized that pivot. The Black Pearl campus in Winkler County, West Texas, brought Phase I online in Q2 2025 with 150 MW capacity and approximately 10.1 EH/s of self-mining hashrate. The company is transitioning the campus toward HPC-capable hosting.

Cipher has contracted 600 MW of capacity across three hyperscale agreements. In September 2025, the company signed a 10-year AI hosting agreement with Fluidstack for its 587-acre Barber Lake campus in Colorado City, Texas, initially covering 168 MW and later expanded to encompass all 300 MW of the site for approximately $3 billion in base-term contracted revenue. Google backstopped $1.4 billion of Fluidstack's lease obligations and received warrants representing roughly 5.4% equity in Cipher. A separate 15-year AWS agreement, valued at approximately $5.5 billion, covers 300 MW across two delivery phases beginning July 2026. A third investment-grade hyperscale tenant executed a 15-year lease for an undisclosed site, announced March 2026.

Combined, the lease stack underpins approximately $11.4 billion in contracted revenue and an estimated $787 million in average annualized NOI. Cipher Digital has sourced 4.3 gigawatts of total power capacity, with 207 MW currently operating and a 3.4 GW development pipeline. In March 2026, the company closed a $200 million revolving credit facility, led by Morgan Stanley across a six-bank syndicate, priced at SOFR plus 1.25%, 1.75%, and maturing March 2030.

Full-year 2025 revenue reached $223.9 million, up 48% year-over-year, as the mining segment wound down in favor of active construction at Barber Lake and Black Pearl; Q1 2026 Bitcoin mining revenue was $34.8 million, with first hyperscale lease deliveries scheduled to begin mid-2026.