Cipher Digital
Cipher Digital (NASDAQ: CIFR) develops and operates industrial-scale data centers in Texas for high-performance computing and AI workloads, leasing long-term hyperscale capacity to investment-grade tenants including Amazon Web Services and Google-backed Fluidstack under a landlord model.
- Company typePublic
- Founded2021
- HeadquartersWest New York, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Cipher Digital does
Cipher Digital (NASDAQ: CIFR), formerly Cipher Mining Inc., is a publicly traded developer and operator of industrial-scale data centers purpose-built for high-performance computing and AI workloads. Headquartered in New York, NY, the company rebranded in February 2026 to reflect its strategic pivot away from bitcoin mining toward hyperscale computing infrastructure. Cipher operates a 'landlord model' in which investment-grade hyperscale tenants supply their own AI chips and accelerators while Cipher provides the physical facility, power infrastructure, advanced cooling, and grid interconnection.
The company's contracted portfolio centers on three long-term hyperscale leases in Texas totaling roughly 700MW: a 15-year, $5.5 billion agreement with Amazon Web Services for 300MW at the Black Pearl campus (75 acres), a 10-year, $3 billion agreement with Fluidstack, backed by Google, for 300MW at Barber Lake (587 acres), and a 15-year, 100MW lease at a Colorado City site signed with an unnamed third investment-grade hyperscaler in Q1 2026. These three contracts together represent approximately $11.4 billion in contracted revenue. Beyond contracted capacity, Cipher has a development pipeline of 2,370MW across six additional Texas sites (Reveille, Ulysses, McLennan, Mikeska, Colchis, and Milsing) with target energization between 2027 and 2028, and the company has sourced 4.3 gigawatts of power to date through site selection and grid partnerships.
Cipher generates revenue primarily through long-term take-or-pay lease contracts with hyperscale tenants — a recurring subscription-style revenue model with 10-15 year initial terms and extension options. The current revenue base is still dominated by the legacy bitcoin mining business being phased out (hasrate reduced from 23.6 EH/s to 11.6 EH/s, JV mining sites divested to Canaan Inc. for ~$40 million). Capital structure includes $3.73 billion in aggregate high-yield bond offerings (including a $2 billion senior secured note in February 2026 and an $810 million senior secured note in June 2026 through subsidiary Stingray Compute LLC) plus a $200 million revolving credit facility syndicated by Morgan Stanley, Goldman Sachs, JPMorgan, and other leading banks. Q1 2026 revenue was $34.84 million, with contracted HPC revenue expected to ramp beginning August-October 2026.
Cipher Digital firmographics
Firmographics- Name
- Cipher Digital
- Legal name
- Cipher Digital Inc.
- Website
- https://cipherdigital.com
- Company type
- Public
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Cipher Digital (NASDAQ: CIFR) develops and operates industrial-scale data centers in Texas for high-performance computing and AI workloads, leasing long-term hyperscale capacity to investment-grade tenants including Amazon Web Services and Google-backed Fluidstack under a landlord model.
- Ownership category
- akta.pro rank
Cipher Digital industry classification
Industry- Product category
- Data Center Infrastructure
- NAICS
- Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (51821)
- SIC
- Services-Computer Processing & Data Preparation (7374), Finance Services (6199)
- akta.pro primary industry
- Data Center Real Estate (REITs) & Leasing (HDABACAL)
- akta.pro secondary industry
- Data Center & Digital Infrastructure Site Brokerage (BPAJACAE)
Keywords
Where Cipher Digital is headquartered
LocationHeadquarters
- HQ city
- West New York
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
Cipher Digital 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 (HPC/AI): Long-term take-or-pay lease contracts with hyperscale tenants for data center capacity. Revenue contracted across 10-15 year initial terms with options for extensions. The company operates a 'landlord model' where tenants provide their own AI computing hardware. Key contracts include AWS (15-year, 300MW at Black Pearl) and Fluidstack/Google (10-year, 300MW at Barber Lake).
- Bitcoin Mining (Phase-out): Legacy bitcoin mining operations being phased out. Hasrate reduced from 23.6 EH/s to 11.6 EH/s. The company sold its interests in bitcoin mining joint venture sites (Alborz, Bear, Chief) to Canaan Inc. and liquidated its bitcoin treasury to fund HPC infrastructure growth.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Custom negotiated long-term HPC data center leases |
| Subscription | Pay-as-you-go | Credit facility pricing (SOFR-based) |
Go-to-market motion2 records
Distribution channels1 record
Marketing channels5 records
Cipher Digital product offering
Product offeringCore offering
Cipher Digital develops, owns, and operates industrial-scale data centers engineered for high-performance computing (HPC) and AI workloads. Under a "landlord model," the company provides the data center facility, power, and cooling infrastructure to hyperscale tenants who supply their own AI computing hardware. Revenue is generated primarily through long-term take-or-pay lease agreements (10-15 years) with investment-grade tenants such as AWS and Fluidstack/Google.
Product overview
Cipher Digital operates as a developer and operator of industrial-scale HPC data center infrastructure. The company operates a landlord model where hyperscale tenants (AWS, Google/Fluidstack) lease data center capacity and bring their own AI chips. The portfolio includes contracted facilities (Barber Lake at 300MW for Google/Fluidstack, Black Pearl at 300MW for AWS, and a third HPC lease at 100MW), an operating legacy site (Odessa at 207MW), and a development pipeline of sites totaling 2,370MW planned across Texas locations including Reveille, Ulysses, McLennan, Mikeska, Colchis, and Milsing.
Differentiator
Problem solved
Functional benefit
Products and services
- HPC Data Center Leasing Services Turnkey industrial-scale data center infrastructure provided to hyperscale tenants under long-term (10-15 year) take-or-pay lease agreements. Cipher supplies the facility, power, and cooling; tenants supply their own AI computing hardware.
- Black Pearl Data Center 300MW contracted HPC data center campus on 75 acres in West Texas, leased to Amazon Web Services under a 15-year, $5.5 billion agreement, targeting October 2026 energization.
- Barber Lake Data Center
- Third HPC Data Center Campus Lease 15-year HPC data center campus lease at an existing Cipher site in Colorado City, Texas, with 100MW contracted capacity on 250 acres for an investment-grade hyperscale tenant.
Quantifiable outcome
- 12.05% stock gain on June 18, 2026 as investors revalued company toward pure-play AI/HPC hosting model
- +4 more outcomes
Companies that use Cipher Digital
Customer profileNamed customers4 records
Segments1 record
Ideal customer profiles1 record
Cipher Digital technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Cipher Digital partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor and core.
- Canaan Inc.minorCipher sold its 49% interest in bitcoin mining joint venture sites (Alborz, Bear, and Chief) to Canaan Inc. for approximately $40 million as part of the strategic pivot away from crypto mining toward HPC data centers.
- Amazon Web Services (AWS)coreLandmark 15-year, $5.5 billion lease agreement for 300MW of HPC data center capacity at the Black Pearl facility in West Texas. AWS will provide its own AI computing hardware while Cipher provides the data center infrastructure. Expected to generate approximately $367 million in annual revenue starting August 2026, with target energization in October 2026.
- Fluidstackcore10-year, 300MW lease at Barber Lake data center facility in Texas, with Google backing the arrangement. Initial term valued at approximately $3 billion with potential for two 5-year extensions bringing total value to $7 billion. Target energization October 2026.
Scale indicators16 records
Recent moves8 records
Expansion highlights6 records
Cipher Digital competitors and assessment
Company assessmentDirect peers
- Core Scientific: Direct peer — emerged from Bitcoin mining bankruptcy with a strategic pivot to HPC hosting for AI customers; targets similar hyperscale tenants under long-term contracts and operates comparable gigawatt-scale infrastructure plans.
- Applied Digital: Direct peer — designs, builds, and operates large-scale data centers purpose-built for HPC and AI workloads, with hyperscale tenants on long-term leases and a similar growth-from-crypto-heritage trajectory.
- Hut 8: Direct peer — pivoted from crypto mining into AI/HPC infrastructure, with a similarly structured hyperscaler-tenant landlord model and overlapping capital-markets strategy of high-yield bond issuance to fund AI data center buildouts.
- TeraWulf: Direct peer — former Bitcoin miner that has also pivoted to HPC/AI data center development for hyperscalers, with similar Texas/ERCOT exposure, Google-backed Fluidstack lease arrangements, and contracted take-or-pay economics that mirror Cipher's landlord model.
- Iris Energy: Direct peer — renewable-powered data center operator transitioning from Bitcoin mining to AI/HPC compute, with vertically integrated power infrastructure that competes with Cipher for the same hyperscale customer set.
Emerging players
- Compass Datacenters: Emerging player — designs and builds hyperscale data center campuses with similar build-to-lease economics; overlaps with Cipher on purpose-built hyperscale campus construction and long-term lease origination, though Compass is more of a pure developer than an owner-operator.
Broad incumbents
- Equinix: Broad incumbent — global interconnection-focused data center operator with hyperscale-adjacent offerings; differs in retail/interconnection mix but overlaps on long-term, MW-scale enterprise leases for AI-adjacent workloads.
- CyrusOne: Broad incumbent — large hyperscale and enterprise data center provider now owned by KKR/GIP, with comparable long-lease economics for AI customers but at materially larger scale and broader geographic reach.
- Vantage Data Centers: Broad incumbent — large private multi-region hyperscale data center operator with an established wholesale lease book and similar large-MW, long-term contract model, but more geographically diversified and at far greater scale than Cipher.
- Digital Realty Trust: Broad incumbent — publicly traded global data center REIT offering hyperscale colocation and build-to-suit leases; competes for the same hyperscale tenants but operates a much larger, globally diversified portfolio rather than a Texas-only build.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Cipher Digital social profiles
Digital presenceCipher Digital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cipher Digital leadership team
Management profileNumber of profiles
Profiles13 records
Cipher Digital subsidiaries and ownership
Company hierarchySubsidiaries3 records
Cipher Digital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cipher Digital 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 Digital
What does Cipher Digital do?
Cipher Digital develops, owns, and operates industrial-scale data centers engineered for high-performance computing (HPC) and AI workloads. Under a "landlord model," the company provides the data center facility, power, and cooling infrastructure to hyperscale tenants who supply their own AI computing hardware. Revenue is generated primarily through long-term take-or-pay lease agreements (10-15 years) with investment-grade tenants such as AWS and Fluidstack/Google.
Is Cipher Digital a public or private company?
Cipher Digital is a public company. It is classified as public and is currently operating.
When was Cipher Digital founded?
Cipher Digital was founded in 2021. It employs 51 to 100 people.
Where is Cipher Digital based?
Cipher Digital is headquartered in West New York, United States, in the North America region.
How does Cipher Digital make money?
Two revenue lines are on record. Data Center Leasing (HPC/AI) is the primary driver. The others are bitcoin Mining (Phase-out).
Who are Cipher Digital's main competitors?
Direct peers on record are Core Scientific, Applied Digital, Hut 8, TeraWulf and Iris Energy. Compass Datacenters is listed as an emerging player. Broad incumbents are Equinix, CyrusOne, Vantage Data Centers and Digital Realty Trust.
Does Cipher Digital have an API?
No public API is recorded for Cipher Digital.
What industry is Cipher Digital in?
Cipher Digital's product category is Data Center Infrastructure. Its primary akta.pro industry code is HDABACAL, Data Center Real Estate (REITs) & Leasing, with a secondary code of BPAJACAE, Data Center & Digital Infrastructure Site Brokerage. Its NAICS code is 51821 and its SIC code is 7374.