Cipher Mining Inc.
Cipher Digital (NASDAQ: CIFR) is a New York-based developer and operator of industrial-scale data centers purpose-built for AI and high-performance computing workloads, serving hyperscale tenants including Google, AWS, and Fluidstack under long-term leases.
- Company typePublic
- Founded2020
- HeadquartersNew York, United States
- Headcount—
- GTM typeB2B
- OfferingServices
What Cipher Mining Inc. does
Cipher Digital Inc. (NASDAQ: CIFR), formerly Cipher Mining Inc., is a New York-based developer, owner, and operator of industrial-scale data centers engineered for high-performance computing (HPC) and AI workloads. Founded in 2020 as a Bitcoin mining company, Cipher announced a strategic pivot in 2025-2026 toward AI/HPC infrastructure, formalized by a February 2026 rebrand from Cipher Mining to Cipher Digital. The company operates a portfolio that includes Barber Lake (300 MW), Black Pearl (300 MW), Odessa (207 MW), and a contracted 100 MW third HPC lease facility targeting Q4 2026 energization, with a pipeline of 4,270 MW across nine additional sites (Reveille, Ulysses, Colchis, Mikeska, McLennan, Barber Lake Expansion, Stingray Expansion, Apollo, Milsing) extending through 2030+. To date, Cipher has sourced 5.3 GW of power and brought five data centers online on time and on budget.
Cipher's product is turnkey, purpose-built data center infrastructure delivered across the full lifecycle — power sourcing, construction, engineering, operations, real estate, and technology stack. Facilities are engineered to hyperscaler specifications for high-density HPC and AI compute. The business model is recurring-revenue data center leasing under long-term contracts (typically 15 years with extension options) to investment-grade hyperscale tenants. The flagship arrangement is a $3 billion, 10-year lease with Google and Fluidstack (potentially $7 billion if two five-year extensions are exercised), backed by 700 MW of contracted capacity across Fluidstack, Google, and AWS.
Q4 2025 reported revenue was $60 million against a $55 million adjusted net loss, reflecting the transition period as legacy Bitcoin mining revenue is wound down and HPC lease revenue is just beginning to ramp. Capital mobilization is substantial: a $200 million revolving credit facility (March 2025), an $810 million Senior Secured Notes offering through subsidiary Stingray Compute LLC (June 2026), and a $39.75 million divestiture of Texas mining assets to Canaan (March 2026) are together funding the HPC buildout. Leadership includes CEO Tyler Page, Co-Presidents William Iwaschuk (CLO) and Patrick Kelly (COO), CFO Gregory Mumford, and recently appointed heads of Grid Strategies, Policy, and Strategic Initiatives to support regulatory and grid positioning as the pipeline scales.
Cipher Mining Inc. firmographics
Firmographics- Name
- Cipher Mining Inc.
- Legal name
- Cipher Digital Inc.
- Website
- https://ciphermining.com
- Company type
- Public
- Founded year
- 2020
- Operating status
- Operating
- Short description
- Cipher Digital (NASDAQ: CIFR) is a New York-based developer and operator of industrial-scale data centers purpose-built for AI and high-performance computing workloads, serving hyperscale tenants including Google, AWS, and Fluidstack under long-term leases.
- Ownership category
- akta.pro rank
Cipher Mining Inc. industry classification
Industry- Product category
- Hyperscale Data Center Infrastructure
- NAICS
- Computer Facilities Management Services (541513), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (51821)
- SIC
- Services-Computer Rental & Leasing (7377)
- akta.pro primary industry
- Data Center Real Estate (REITs) & Leasing (HDABACAL)
- akta.pro secondary industry
- Data Center Construction (New Build Shell/Core & Fit-Out) (IMAFAIAG)
Keywords
Where Cipher Mining Inc. is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Cipher Mining Inc. business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D
Revenue model
- Data Center Leasing: Long-term lease agreements with hyperscale tenants for turnkey data center facilities. The company develops and operates data centers delivered on time, on budget, built to exacting hyperscaler standards.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Cipher Mining Inc. product offering
Product offeringCore offering
Cipher Digital develops, owns, and operates industrial-scale data centers purpose-built for high-performance computing (HPC) and AI workloads. The company signs long-term (15-year) data center lease agreements with investment-grade hyperscale tenants such as Google, AWS, and Fluidstack, delivering turnkey facilities on time and on budget. Core scope spans power sourcing, construction, engineering, real estate, operations, and technology across an operational and pipeline footprint of multiple gigawatts.
Product overview
Cipher Digital (formerly Cipher Mining Inc.) operates as a unified platform offering industrial-scale data center infrastructure for HPC and AI workloads. The company develops, owns, and operates purpose-built data centers engineered for next-generation compute. The portfolio includes operational facilities (Barber Lake, Black Pearl, Odessa), a contracted third HPC lease facility, and an extensive pipeline of planned sites. The company provides turnkey data center solutions to hyperscale tenants including Fluidstack, Google, and AWS, with 700MW of contracted capacity and 5.3 gigawatts of power sourced to date.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- $3 billion projected revenue over 10-year term from Google/Fluidstack data warehouse lease
- +1 more outcomes
Companies that use Cipher Mining Inc.
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles1 record
Cipher Mining Inc. technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Cipher Mining Inc. partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor and core.
- CanaanminorCanaan acquired Cipher's Texas mining stake for $39.75 million as Cipher continues its pivot away from crypto mining to AI data centers. This represents a divestiture rather than a new partnership.
- FluidstackcoreFluidstack is a hyperscale customer with contracted capacity agreements for data center leases. Cipher provides turnkey data center facilities to Fluidstack, including a data warehouse lease in Colorado City, Texas projected to generate $3 billion over 10 years and $7 billion if extensions exercised.
- GooglecoreGoogle is a hyperscale customer with contracted capacity agreements. Google helped facilitate the deal with Cipher and Fluidstack, backing the $3 billion data center lease deal as an AI computing infrastructure arrangement.
- AWScoreAWS is a hyperscale customer with contracted capacity agreements for data center leases as part of Cipher's partner ecosystem.
Scale indicators7 records
Recent moves7 records
Expansion highlights5 records
Cipher Mining Inc. competitors and assessment
Company assessmentBroad incumbents
- Equinix: Equinix is the largest publicly traded data center REIT with global interconnection-focused facilities. Broader incumbent in the data center space with overlap in hyperscale colocation, but its interconnection focus differs from Cipher's HPC focus.
- Digital Realty Trust: Digital Realty is a major publicly traded data center REIT with global hyperscale capacity. Provides the public-market valuation benchmark for large-scale data center operators, though its scale and customer breadth dwarf Cipher's.
Direct peers
- TeraWulf: TeraWulf operates Bitcoin mining facilities at the Nautilus site and is expanding into HPC/AI hosting with Core42. Similar scale, geographic profile (some Texas exposure), and customer concentration in hyperscaler tenants.
- Bitdeer Technologies: Bitdeer runs large-scale Bitcoin mining operations and is building out AI cloud services. Comparable in scale, has US-based data center capacity, and similar pivot toward HPC services.
- Applied Digital: Applied Digital develops and operates hyperscale data centers purpose-built for AI/HPC workloads, including a major GPU cloud business. Closest peer to Cipher given similar pivot from legacy crypto mining toward AI/HPC leasing with hyperscale customers like CoreWeave and Macquarie.
- Vantage Data Centers: Vantage develops and operates hyperscale data centers with multi-gigawatt pipeline, including Texas campuses. Comparable in business model (developer/owner/operator of turnkey hyperscale facilities), though privately held and broader in scale.
- CoreWeave: CoreWeave is a pure-play AI cloud infrastructure provider running NVIDIA GPU clusters at hyperscale, sometimes anchoring new Cipher-style data center builds as the tenant. Functions both as a potential customer and a comparable operator.
- Core Scientific: Core Scientific emerged from bankruptcy and pivoted from Bitcoin mining to AI/HPC colocation hosting for CoreWeave and other AI compute providers. Direct competitor for hyperscaler contracts and similar transformation thesis.
- IREN (Iris Energy): IREN operates large Bitcoin mining sites it is converting into AI/HPC data centers, with multi-gigawatt pipeline and direct hyperscaler relationships. Highly comparable business model with similar pivot narrative.
- Compass Datacenters: Compass Datacenters designs and builds hyperscale and enterprise data centers with modular construction methods. Comparable in development expertise, though its customer base and scale differ from Cipher's hyperscale-focused model.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Cipher Mining Inc. social profiles
Digital presenceCipher Mining Inc. financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cipher Mining Inc. leadership team
Management profileNumber of profiles
Profiles13 records
Cipher Mining Inc. subsidiaries and ownership
Company hierarchySubsidiaries1 record
Cipher Mining Inc. funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cipher Mining Inc. M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cipher Mining Inc.
What does Cipher Mining Inc. do?
Cipher Digital develops, owns, and operates industrial-scale data centers purpose-built for high-performance computing (HPC) and AI workloads. The company signs long-term (15-year) data center lease agreements with investment-grade hyperscale tenants such as Google, AWS, and Fluidstack, delivering turnkey facilities on time and on budget. Core scope spans power sourcing, construction, engineering, real estate, operations, and technology across an operational and pipeline footprint of multiple gigawatts.
Is Cipher Mining Inc. a public or private company?
Cipher Mining Inc. is a public company. It is classified as public and is currently operating.
When was Cipher Mining Inc. founded?
Cipher Mining Inc. was founded in 2020.
Where is Cipher Mining Inc. based?
Cipher Mining Inc. is headquartered in New York, United States, in the North America region.
How does Cipher Mining Inc. make money?
One revenue line is on record: data Center Leasing.
Who are Cipher Mining Inc.'s main competitors?
Broad incumbents on record are Equinix and Digital Realty Trust. Direct peers are TeraWulf, Bitdeer Technologies, Applied Digital, Vantage Data Centers, CoreWeave, Core Scientific, IREN (Iris Energy) and Compass Datacenters.
Does Cipher Mining Inc. have an API?
No public API is recorded for Cipher Mining Inc..
What industry is Cipher Mining Inc. in?
Cipher Mining Inc.'s product category is Hyperscale Data Center Infrastructure. Its primary akta.pro industry code is HDABACAL, Data Center Real Estate (REITs) & Leasing, with a secondary code of IMAFAIAG, Data Center Construction (New Build Shell/Core & Fit-Out). Its NAICS code is 541513 and its SIC code is 7377.