Cipher Mining
Cipher Digital (formerly Cipher Mining) is an industrial-scale data center developer that builds and leases hyperscale HPC and AI campuses to investment-grade tenants such as Amazon Web Services, Google (via Fluidstack), and other hyperscalers under 10-15 year contracts.
- Company typePublic
- Founded2020
- HeadquartersRye, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Cipher Mining does
Cipher Digital Inc. (formerly Cipher Mining Inc., NASDAQ: CIFR) is an industrial-scale data center developer and operator headquartered in New York that has pivoted from Bitcoin mining to leasing hyperscale high-performance computing (HPC) and AI data center campuses to investment-grade tenants. The company develops, finances, and operates build-to-suit data center facilities in Texas (with its first site in Ohio), combining in-house power sourcing, site acquisition, construction management, and mission-critical operations expertise. As of mid-2026, Cipher has 700 MW of contracted capacity across three signed long-term leases: a 15-year, $5.5 billion lease with Amazon Web Services at the 300 MW Black Pearl facility in Wink, TX; a 10-year deal (valued at ~$830M-$3.8B with two 5-year extensions potentially bringing total to ~$7B) with Fluidstack (backed by Google/Alphabet) at the 300 MW Barber Lake facility in Colorado City, TX; and a 15-year lease for a third 100 MW campus with an unnamed investment-grade hyperscale tenant. Total contracted revenue backlog stands at approximately $11.4 billion.
Cipher finances the build-out primarily through non-recourse project-level debt issued by dedicated subsidiaries (Black Pearl Compute LLC, Cipher Compute LLC, Stingray Compute LLC), raising over $5.2 billion to date including a $2 billion 6.125% senior secured notes offering that was 6.5x oversubscribed, alongside a $200M revolving credit facility syndicated by Morgan Stanley, Goldman Sachs, and JPMorgan. The company holds a 3.4 GW development pipeline across eight sites targeting energization between 2027 and 2030+, plus one operating legacy Bitcoin mining facility (Odessa, 207 MW) that is being wound down as part of the strategic pivot. Legacy revenue in Q1 2026 was $34.84 million (down from $60M in Q4 2025), with a net loss of $114.3 million, reflecting the transitional period before HPC lease revenue commences in October 2026.
The go-to-market is direct enterprise sales to hyperscale tenants, executed at the executive level with multi-year build-to-suit contracts featuring rent escalators and tenant guarantees on base rent and operating expenses. Cipher's customer concentration is high by design (a small number of large investment-grade tenants), and the company's value proposition centers on its ability to source power (4.3 GW sourced to date), deliver large contiguous MW campuses faster than typical greenfield timelines, and structure the project-level capital to support an industrial-scale build-out for the AI/HPC compute cycle.
Cipher Mining firmographics
Firmographics- Name
- Cipher Mining
- Legal name
- Cipher Digital Inc.
- Website
- https://cipherdigital.com
- Company type
- Public
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Cipher Digital (formerly Cipher Mining) is an industrial-scale data center developer that builds and leases hyperscale HPC and AI campuses to investment-grade tenants such as Amazon Web Services, Google (via Fluidstack), and other hyperscalers under 10-15 year contracts.
- Ownership category
- akta.pro rank
Cipher Mining industry classification
Industry- Product category
- Data Center Colocation & HPC Infrastructure
- NAICS
- Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)
- SIC
- Services-Computer Programming, Data Processing, Etc. (7370)
- akta.pro primary industry
- Data Center & Digital Infrastructure Site Brokerage (BPAJACAE)
Keywords
Where Cipher Mining is headquartered
LocationHeadquarters
- HQ city
- Rye
- HQ country
- United States
- HQ region
- North America
Offices8 records
Markets served
Cipher Mining business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Operations, Personnel, Others
Revenue model
- Long-term hyperscale data center leases: Multi-year (10-15 year) lease agreements with investment-grade hyperscale tenants such as Amazon Web Services, Google (via Fluidstack), and other unnamed hyperscale customers. Recurring rental income with rent escalators backed by tenant guarantees (e.g., AWS guarantees base rent and operating expenses at Black Pearl). Represents the primary forward revenue stream as the company pivots away from Bitcoin mining.
- Bitcoin mining revenue: Legacy revenue stream from industrial-scale Bitcoin mining operations across Texas facilities. Being wound down as part of strategic pivot to HPC data centers; Q1 2026 revenue of $34.84M down from $60M in Q4 2025, with planned mining wind-down.
- HPC colocation and AI hosting: Colocation services for AI and high-performance computing workloads, including expanded AI hosting agreement with Fluidstack at Barber Lake site in Texas (~$830M over 10 years with 5-year extension option).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Custom long-term hyperscale leases with rent escalators and tenant guarantees |
Go-to-market motion3 records
Distribution channels2 records
Marketing channels6 records
Cipher Mining product offering
Product offeringCore offering
Cipher Digital develops, finances, and operates industrial-scale data center campuses purpose-built for high-performance computing (HPC) and AI workloads, leased on long-term (10–15 year) agreements to investment-grade hyperscale tenants such as Amazon Web Services, Google (via Fluidstack), and other unnamed hyperscalers. The company also operates a legacy industrial-scale Bitcoin mining business (Texas facilities) that is being wound down via divestiture.
Product overview
Cipher Digital (formerly Cipher Mining) operates as an integrated industrial-scale data center development and operations platform, not a single unified product. Its offering consists of a portfolio of contracted HPC campuses (Barber Lake, Black Pearl, and the Third HPC Lease, totaling 700 MW), a pipeline of additional HPC facilities (Reveille, Ulysses, McLennan, Mikeska, Colchis, Milsing, and Barber Lake Expansion, totaling 3.4 GW) targeting energization between 2027 and 2030+, and one operating legacy Bitcoin mining facility (Odessa, 207 MW). The unified HPC/AI colocation and data center hosting service ties these assets together by combining power sourcing, construction, engineering, operations, real estate, and technology capabilities to deliver turnkey hyperscale data centers to investment-grade tenants including Amazon Web Services, Google, and Fluidstack, while the legacy Bitcoin mining service is being actively divested.
Differentiator
Problem solved
Functional benefit
Products and services
- HPC/AI Colocation and Data Center Hosting Service Core full-stack HPC/AI colocation service combining power sourcing, construction, engineering, operations, real estate, and technology services to deliver hyperscale data centers purpose-built for AI and high-performance compute workloads. Target customers are investment-grade hyperscalers and AI cloud providers.
- Black Pearl HPC Data Center Industrial-scale HPC data center in Wink, Texas with 300 MW contracted capacity on 75 acres, leased to Amazon Web Services under a 15-year, $5.5 billion agreement backed by AWS guarantees for base rent and operating expenses. Initial rent commencement targeted for October 1, 2026; financed by $2B Black Pearl Compute LLC senior secured notes.
- Barber Lake HPC Data Center Industrial-scale HPC data center in Colorado City, Texas with 300 MW contracted capacity on 587 acres, leased to Fluidstack with Google (Alphabet) backing under an approximately $3 billion 10-year agreement, expandable to ~$7 billion with two 5-year extension options.
- Third HPC Lease Data Center HPC data center campus with 100 MW contracted capacity on 250 acres in Texas, leased to an unnamed investment-grade hyperscale tenant under a 15-year initial term lease signed in March 2026. Backed by a $200 million revolving credit facility from Morgan Stanley, Goldman Sachs, and JPMorgan.
- Bitcoin Mining Service Legacy industrial-scale Bitcoin mining service operating Texas facilities including Odessa (207 MW, ~11.6 EH/s hashrate, 52 acres) and historically the Alborz/Bear/Chief Mountain (ABC) sites (120 MW, ~4.4 EH/s, 49% divested to Canaan in February 2026). Power costs below $0.03/kWh on ERCOT grid. Being wound down as the company pivots to HPC.
Quantifiable outcome
- ~$11.4 billion in contracted revenue backlog across three long-term leases
- +5 more outcomes
Companies that use Cipher Mining
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles2 records
Cipher Mining technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Cipher Mining partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core, flagship and minor.
- Unnamed Investment-Grade Hyperscale TenantcoreThird major hyperscale data center campus lease with 15-year initial term and 100 MW of capacity (250-acre site in Texas). Backed the $200 million revolving credit facility announced alongside the deal. Identity not publicly disclosed.
- Black Perl Compute LLC (Cipher subsidiary financing vehicle)flagshipWholly-owned Cipher subsidiary that issued $2.0 billion in 6.125% senior secured notes due 2031 to finance the Black Pearl HPC data center in Wink, Texas. The Black Pearl bond offering attracted $13 billion in orders (6.5x oversubscribed). Separate $1.4 billion senior secured notes (due 2030) were priced by Cipher Compute LLC for Barber Lake construction. Cipher Stingray Compute LLC issued $810 million senior secured notes due 2031 to fund the Stingray Facility. Each financing vehicle has dedicated project-level collateral and counterparty structures.
- Canaan Inc.minorCanaan acquired Cipher Mining's 49% equity interest in three operational mining projects in West Texas (Alborz LLC, Bear LLC, and Chief Mountain LLC — the "ABC Projects") for $39.75 million in stock (806.4 million Class A ordinary shares with 6-month lock-up). Combined 120 MW capacity and ~4.4 EH/s hashrate. Canaan also acquired 6,840 Avalon A15Pro mining rigs from the Black Pearl facility. Following this transaction, Cipher became a significant shareholder in Canaan.
- Amazon Web Services (AWS)flagshipCipher Digital's flagship hyperscale tenant. Anchored by a 15-year, $5.5 billion lease at the Black Pearl HPC data center in Wink, Texas (300 MW, with construction financed via $2B senior secured notes at 6.125%). Also underpins the 70 MW Stingray HPC data center (West Texas) under a separate 15-year contract with AWS guarantees and rent escalators. AWS serves as ultimate guarantor for all base rent and operating expenses and covers construction cost overruns exceeding $9.5M per IT megawatt.
- FluidstackflagshipAI cloud partner at the Barber Lake HPC data center. Expanded AI hosting agreement announced November 20, 2025, adding colocation capacity at the Barber Lake site in Texas. Deal valued at approximately $830 million over 10 years with 5-year extension option, and backed by Google parent Alphabet guarantee. Fluidstack is itself a major AI cloud/neocloud provider serving hyperscaler end-customers.
- Google (Alphabet)flagshipGoogle backs Fluidstack's lease obligations at the Barber Lake data center in Colorado City, Texas (300 MW, 10-year deal valued at $3.8B, with two 5-year extensions potentially bringing total to $7B). Google's parent Alphabet supports a separate Google-backed project. Total Fluidstack expansion at Barber Lake valued at approximately $830M over 10 years with 5-year extension option.
Scale indicators14 records
Recent moves13 records
Expansion highlights6 records
Cipher Mining competitors and assessment
Company assessmentDirect peers
- Iris Energy (IREN): Renewable-powered Bitcoin miner expanding into AI cloud services with NVIDIA GPU deployments. Comparable to Cipher in transitioning from mining to AI compute, with a similar focus on powered, industrial-scale infrastructure.
- Core Scientific: Former Bitcoin mining company that emerged from bankruptcy and is pivoting to HPC/AI colocation with long-term hyperscale lease agreements. Closest direct comparable to Cipher as a crypto-miner-turned-HPC-developer with similar hyperscaler tenant relationships.
- TeraWulf: Bitcoin miner pivoting to AI/HPC data center operations with owned power generation. Morgan Stanley explicitly recommended Cipher alongside TeraWulf as its top crypto-stock-to-AI pivots, making it one of the most comparable peer stories.
- Applied Digital: Crypto-mining-turned-AI-cloud operator developing large-scale GPU clusters and data centers for AI training workloads. Direct competitor for hyperscale AI tenant relationships and similar pivot narrative to Cipher.
- Marathon Digital Holdings: Largest publicly traded Bitcoin miner, also exploring HPC/AI diversification. Comparable as a public crypto-miner evaluating AI compute pivot, though with a different scale and strategy profile than Cipher's hyperscale lease model.
- Hut 8: Public Bitcoin miner building AI infrastructure business with high-performance compute offerings. Comparable to Cipher in pursuing HPC diversification away from pure-play crypto mining, though with a different capital structure.
- Bitfarms: Public Bitcoin miner evaluating and pursuing HPC/AI data center opportunities. A fellow crypto-miner pivoter with overlapping operational profile, though smaller scale and earlier stage in the AI transition than Cipher.
Emerging players
- Galaxy Digital: Crypto-native financial services and infrastructure firm expanding into HPC/AI compute. Comparable to Cipher as a digital-asset-originated company building AI compute infrastructure, though with a different business model mix.
Broad incumbents
- Digital Realty Trust: Major global data center REIT serving hyperscale and enterprise tenants. Cited by Morgan Stanley as a comparable for Cipher given its hyperscale lease structure and long-duration contracted cash flows.
- Equinix: Largest global data center REIT and colocation operator. Morgan Stanley explicitly drew comparisons between Cipher and Equinix/Digital Realty, making it a key comp for valuation purposes even though Cipher is much smaller and focused on hyperscale rather than interconnection.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Cipher Mining social profiles
Digital presenceCipher Mining financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cipher Mining leadership team
Management profileNumber of profiles
Profiles13 records
Cipher Mining subsidiaries and ownership
Company hierarchySubsidiaries3 records
Cipher Mining funding detail
Funding detailFunding overview
Funding rounds11 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cipher Mining M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cipher Mining
What does Cipher Mining do?
Cipher Digital develops, finances, and operates industrial-scale data center campuses purpose-built for high-performance computing (HPC) and AI workloads, leased on long-term (10–15 year) agreements to investment-grade hyperscale tenants such as Amazon Web Services, Google (via Fluidstack), and other unnamed hyperscalers. The company also operates a legacy industrial-scale Bitcoin mining business (Texas facilities) that is being wound down via divestiture.
Is Cipher Mining a public or private company?
Cipher Mining is a public company. It is classified as public and is currently operating.
When was Cipher Mining founded?
Cipher Mining was founded in 2020. It employs 11 to 50 people.
Where is Cipher Mining based?
Cipher Mining is headquartered in Rye, United States, in the North America region.
How does Cipher Mining make money?
Three revenue lines are on record. Long-term hyperscale data center leases are the primary driver. The others are bitcoin mining revenue and HPC colocation and AI hosting.
Who are Cipher Mining's main competitors?
Direct peers on record are Iris Energy (IREN), Core Scientific, TeraWulf, Applied Digital, Marathon Digital Holdings, Hut 8 and Bitfarms. Galaxy Digital is listed as an emerging player. Broad incumbents are Digital Realty Trust and Equinix.
Does Cipher Mining have an API?
No public API is recorded for Cipher Mining.
What industry is Cipher Mining in?
Cipher Mining's product category is Data Center Colocation & HPC Infrastructure. Its primary akta.pro industry code is BPAJACAE, Data Center & Digital Infrastructure Site Brokerage. Its NAICS code is 5182 and its SIC code is 7370.