Cipher Mining Inc. Common Stock Earnings Recaps
Q1 2026
May 6, 2026
Cipher Digital’s shares surged 22.5% following its first quarter update, driven by the signing of a third data center campus lease and substantial capital raises that bolster its long-term contracted cash flow profile, signaling strong execution on its hyperscale-focused strategy.
Key takeaways
- Signed a third data center campus lease with an investment-grade hyperscale tenant, reinforcing its position as a premier hyperscale development platform.
- Completed a $2 billion high-yield bond offering and secured a $200 million revolving credit facility, fully funding ongoing and planned data center projects.
- Now has 907 megawatts of operating and contracted capacity, backed by approximately $11.4 billion in contracted revenue over 10 to 15 years.
- Holds an extensive 3.3 gigawatt pipeline of grid capacity, supporting future growth with significant geographic diversification including sites in West Texas and Ohio.
- Contracted net operating income expected to average $787 million annually from October 2026 to September 2036, growing to $892 million by 2035, reflecting durable and high-quality long-term cash flows.
Q3 2025
Nov 5, 2025
Cipher Mining reported a transformative third quarter, highlighted by key partnerships with Google and Amazon Web Services, establishing the company as a leading high-performance computing (HPC) data center developer.
Key takeaways
- Secured a 15-year lease with Amazon Web Services, guaranteeing $5.5 billion in contract revenue through a 300-megawatt capacity.
- Expanded development pipeline with a joint venture on a 1-gigawatt HPC site in West Texas, demonstrating strong sourcing capabilities and market demand.
- Initial deal with Google and Fluidstack generating $3 billion in revenue over 10 years, with potential expansion to $7 billion over 20 years.
- Construction is underway at Barber Lake site, with delivery of critical IT capacity expected by September 2026.
- Anticipates financing construction primarily through debt, mitigating the need for additional equity fundraising.