olivLaw · US equity research
Cipher Digital Inc. CIFR
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Cipher Digital Inc. (formerly a bitcoin miner) has become an integrated developer and operator of industrial-scale data centers for high-performance computing, aimed at hyperscale tenants on long-term contracts. Its portfolio grew from 4.2 GW to 5.3 GW, and revenue in Q2 2026 was 25 mn USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cipher Digital Inc. (CIFR) stock was 6.50 USD (−19.95% on the day), with market capitalisation 3.0 bn USD, beta 3.49, 52-week range 6.50–29.18 USD. Latest reported quarter (Q3 2026): revenue of 26.7 m USD (−62.8% YoY), net income of 31.6 m USD, diluted EPS -0.22 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 29.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 5.23 – 13.31
- in the lower half of the band · %B 0.16 · band width 87.1%
- SMA 50 / 200
- 13.65 / 17.58
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.02 / -2.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −58.0% | −2.0% | −56.0 pp | — |
| 3 months | −65.3% | −2.2% | −63.1 pp | — |
| 6 months | −70.3% | +4.3% | −74.6 pp | — |
| Year to date | −56.0% | +10.6% | −66.5 pp | — |
| 1 year | −71.1% | +10.5% | −81.6 pp | −47.5% |
| 3 years | +58.5% | +73.7% | −15.1 pp | −48.3% |
| 5 years | −26.7% | +61.7% | −88.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 42.2 m | 49.0 m | 43.6 m | 71.7 m | 59.7 m | 34.8 m | 24.8 m | 26.7 m |
| Cost of revenue | 18.2 m | 14.9 m | 15.3 m | 26.7 m | 24.3 m | 17.7 m | 15.0 m | 15.4 m |
| Operating income | 17.1 m | -38.1 m | -45.2 m | -37.6 m | -300.6 m | -114.6 m | -78.5 m | -71.9 m |
| Depreciation & amortisation | 36.3 m | 43.5 m | 44.1 m | 59.5 m | 51.9 m | 19.0 m | 19.4 m | 18.8 m |
| Interest expense | 590.0 k | 777.0 k | 1.1 m | 1.3 m | 33.4 m | 59.2 m | 66.7 m | 59.0 m |
| Pre-tax income | 15.5 m | -38.8 m | -44.9 m | -3.6 m | -738.3 m | -113.9 m | -267.2 m | 31.5 m |
| Income tax | -2.0 m | 144.0 k | 917.0 k | -303.0 k | -4.1 m | 407.0 k | 367.0 k | -54.0 k |
| Net income | 17.5 m | -39.0 m | -45.8 m | -3.3 m | -734.2 m | -114.3 m | -267.5 m | 31.6 m |
| Diluted EPS | 0.05 ≈ | -0.11 | -0.12 | -0.01 | -1.85 ≈ | -0.28 | -0.65 | -0.22 |
| Operating cash flow | -29.0 m | -47.2 m | -56.2 m ≈ | -50.1 m ≈ | -54.4 m | 91.5 m | -243.5 m ≈ | -131.2 m ≈ |
| Capex | 47.1 m | 99.7 m | 118.6 m ≈ | 44.7 m ≈ | 225.0 m | 554.0 m | 410.3 m ≈ | 1.6 bn ≈ |
| Share repurchases | 16.9 m | 1.1 m | 3.2 m ≈ | 3.0 m ≈ | 82.3 m | 3.8 m | 45.2 m ≈ | 19.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | unavailable | 3.0 m | 126.8 m | 151.3 m | 223.9 m |
| Revenue YoY | unavailable | unavailable | +4,076.6% | +19.3% | +48.0% |
| Net income | -107.0 k | -39.1 m | -25.8 m | -44.6 m | -822.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.16 | -0.10 | -0.14 | -2.15 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -1,285.9% | -20.3% | -29.5% | -367.2% |
| Free cash flow | unavailable | -60.1 m | -114.7 m | -227.0 m | -695.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 628.3 m USD
- Financial debt
- 2.7 bn USD
- Net debt
- 2.1 bn USD
- Equity
- 805.5 m USD
- Total assets
- 4.3 bn USD
- Debt / equity
- 3.41x
- Current ratio
- 3.79x
- ROE
- -110.6%
- ROA
- -31.9%
- FCF margin
- -310.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | — | 3.0 m | 126.8 m | 151.3 m | 223.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | — | 748.0 k | 50.3 m | 62.4 m | 81.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | — | 2.3 m ≈ | 76.5 m ≈ | 88.9 m ≈ | 142.7 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Operating income | -153.7 k | -37.4 m | -20.1 m | -43.7 m | -421.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | — | 4.4 m | 59.1 m | 102.4 m | 199.0 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | — | -33.0 m ≈ | 39.0 m ≈ | 58.7 m ≈ | -222.6 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | — | 137.0 k | 2.0 m | 1.7 m | 36.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | — | -37.2 m | -22.2 m | -44.3 m | -825.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | — | 1.8 m | 3.6 m | 318.0 k | -3.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -107.0 k | -39.1 m | -25.8 m | -44.6 m | -822.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | — | -0.16 | -0.10 | -0.14 | -2.15 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | — | 248.2 m | 252.4 m | 323.1 m | 381.6 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 1.3 m | 11.9 m | 74.2 m | 5.6 m | 628.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | — | 98.0 k | — | — | — | SEC (XBRL)· 14 Mar 2023verified |
| Current assets | 1.6 m | 47.7 m | 155.5 m | 168.2 m | 2.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | — | 191.2 m | 243.8 m | — | — | SEC (XBRL)· 05 Mar 2024verified |
| Intangibles (excl. goodwill) | 5.0 m | 596.0 k | 8.1 m | 8.9 m | 77.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 171.6 m | 418.5 m | 566.1 m | 855.4 m | 4.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 129.4 k | 14.3 m | — | 22.7 m | 40.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | — | — | 0 | 32.3 m | 37.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | — | — | — | 0 | 2.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 129.4 k | 40.3 m | 33.8 m | 131.8 m | 699.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 252.5 k | 75.6 m | 74.8 m | 173.5 m | 3.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 1.3 m † | 342.9 m † | 491.3 m † | 682.0 m † | 805.5 m † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | — | -20.9 m | -94.2 m | -87.5 m | -207.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | — | 39.2 m | 20.5 m | 139.5 m | 487.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | — | -60.1 m ≈ | -114.7 m ≈ | -227.0 m ≈ | -695.9 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | — | -173.9 m | 52.8 m | -192.1 m | -336.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | — | -3.1 m | 115.7 m | 213.5 m | 3.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | — | 3.1 m | 3.9 m | 27.6 m | 89.6 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.0 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -15.6% | 70 (vs peers) | 21% |
| Net margin · Quality | -742.3% | 14 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 319.3% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.6x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.7x | 74 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -103.8% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 5.1% | 73 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality49/100 · 2/3 factors with a value
- Returns· partial73/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Cipher Digital Inc. (CIFR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 223.9 m USD in 2025; YoY growth 48.0%; net margin -742.3%; ROE -156.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: -15.6%
- Revenue CAGR 3Y: 319.3%
- Current ratio: 1.7x
- Shareholder yield (distributions): 5.1%
What contradicts it
- Net margin: -742.3%
- Interest coverage: -2.6x
- FCF yield: -103.8%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 218.3 bn | 18.3 | 35.9% | 27.9% | +6.4% | −11% / +91% |
| ARBKArgo Blockchain PLC | 45.2 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 38.5 bn | — | -4.7% | -12.5% | +9.4% | −47% / +17% |
| SOFISoFi Technologies, Inc. | 21.7 bn | 35.0 | 7.1% | 104.3% | +23.1% | −44% / +130% |
| CIFRCipher Digital Inc. | 3.0 bn | — | -156.8% | -742.3% | +48.0% | −71% / +59% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| UPSTUpstart Holdings, Inc. | 2.3 bn | 39.9 | 8.0% | 4.9% | +64.0% | −48% / −13% |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| BTBTBit Digital, Inc. | 300.9 m | — | -56.7% | -237.2% | +5.1% | −65% / −68% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| CNTNCanton Strategic Holdings, Inc. | 172.1 m | — | -43.1% | — | unavailable | −17% / −83% |
| USBCUsbc, Inc. | 166.5 m | — | -414.1% | — | −100.0% | −47% / −97% |
| SNFCASecurity National Financial Corporation | 166.1 m | 6.5 | 9.0% | 11.1% | +3.0% | +15% / +37% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| BMHLBluemount Holdings Limited | 79.0 m | 61,098.2 | 26.2% | 18.8% | unavailable | −8% / unavailable |
| UPXIUpexi, Inc. | 62.9 m | — | -1,356.3% | -984.3% | +58.1% | −73% / −95% |
| SGRXSangrix Inc. | 40.8 m | — | -300.3% | -36,190.3% | −98.6% | −99% / −100% |
| AVXAvax One Technology Ltd. | 34.9 m | — | -189.6% | -1,533.9% | +8,709.3% | −80% / −100% |
1- and 3-year price returns: for CIFR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
Cipher Digital Inc. (formerly a bitcoin miner) has become an integrated developer and operator of industrial-scale data centers for high-performance computing, aimed at hyperscale tenants on long-term contracts. Its portfolio grew from 4.2 GW 1 to 5.3 GW 2, and revenue in Q2 2026 was 25 mn USD 3.
SWOT
Strengths
- Large site portfolio with grid connections and signed HPC leases with high-quality tenants 12.
- In-house construction, engineering and operations experience, including Uptime certification for Odessa 1.
- Ability to finance projects through non-recourse structures, as shown by the bond offering in Q2 2026 3.
Weaknesses
- Revenue is still small, and adjusted EBITDA was negative in Q2 2026 3.
- Dependence on external financing and on meeting construction deadlines makes the company vulnerable to delays.
- Tenant guarantees only take effect after rent commencement, leaving an exposure period.
Opportunities
- If the sites in the portfolio are leased, revenue could rise substantially from current levels 12.
- Geographic diversification, including the Ohio site and the Texas option near San Antonio, opens new markets 13.
- If hyperscale demand continues, the company could negotiate new contracts for its high-capacity sites.
Risks
- Construction delayshigh
If delivery of Barber Lake or Black Pearl is late, tenants may have the right to terminate, and revenue would be deferred 1.
- Project financinghigh
The company depends on project-level financing; if capital markets close, development of new sites could slow 1.
- Access to electric powermedium
Power limitations or higher costs could restrict capacity and the profitability of sites 1.
- Texas regulationmedium
SB 6 and new ERCOT rules may add interconnection requirements and extra costs 1.
- Tariffs and international tradelow
Tariffs on imported equipment could raise construction costs 1.
Investment thesis
What would need to be true (bull case)
- If Cipher delivers its HPC projects on time, recurring revenue from long-term contracts could transform the company's profile 12.
- A portfolio of sites with already approved interconnections offers an advantage that competitors would find hard to replicate quickly 12.
- Demonstrated ability to attract project financing could speed expansion without overly straining the balance sheet 3.
What would break the thesis
- Revenue is still modest, and negative adjusted EBITDA shows profitability has not yet been reached 3.
- Dependence on a small number of large tenants and tight deadlines could cause losses if a project is delayed.
- Bitcoin revenue, though declining as a share, remains exposed to price volatility and network difficulty 12.
What to watch
- Delivery of Barber Lake Phase I and Phase IIQ3 2026 / Q1 2027
- Financial results and revenue from Black Pearl rentQ3 2026
- Stingray progress and completion of the bond-funded build2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
The company describes its activity as developing and operating industrial data centers, combining land and power sourcing, grid interconnection, construction and facility operations 1. Through fiscal 2025 its revenue came from bitcoin mining, but the strategy now emphasises leasing capacity to hyperscale and other HPC customers on long-term contracts 1. The name was changed to Cipher Digital Inc. on February 20, 2026 1.
Bitcoin mining continues at Odessa, while Black Pearl stopped mining in February 2026 1. As HPC contracts grow, bitcoin price dynamics could play a smaller role, although they may still affect results during the transition 1.
Market context
The company operates in the market for power capacity for AI and intensive computing, where demand for energy exceeds the supply of grid connections. According to the sources, competition for power capacity and sites is intense, due to limited availability and interconnection queues 1. Supply chains for transformers and substations are also constrained 1.
Texas is the central market, but Cipher is diversifying through the Ulysses site in Ohio, connected to PJM 1. If hyperscale demand stays high, the site portfolio could support growth; a slowdown would directly hit lease revenue 1.
Trends
- Demand for AI and HPC data centerstailwind
Rising demand for AI infrastructure supports the strategy of leasing hyperscale capacity on long-term terms 1. A new lease at Black Pearl has already been accelerated 2.
- Power constraints and Texas regulationmixed
SB 6 and new ERCOT rules for large loads could raise costs and delay projects, though they may also limit competition for connections 1.
- Supply chain constraintsheadwind
Delays in equipment and labour could raise construction costs and postpone delivery 1.
- Project-level financingmixed
The company uses non-recourse project-level financing, which could reduce balance sheet pressure if capital markets remain open 12.
Competitive position
The company names competition in two directions: other bitcoin miners competing for power capacity, and new entrants in the HPC space targeting the same available power 1. Competition for locations and interconnections has grown in recent years 1.
The declared advantage lies in operating experience, the ability to source power-rich sites and construction partnerships, including with Quanta Services 1. Differentiation depends on delivering projects on time, which remains a point to verify 12.
- Quanta ServicesPWR
Engineering, construction and procurement partner for Black Pearl and Barber Lake, described in the source as a partner rather than a direct rival.
- Other US bitcoin miners
Companies competing for hashrate and power capacity, referred to generically in the annual report without explicit naming in the sources.
- New HPC data center entrants
Providers of HPC data centers competing for available power and Texas locations, mentioned in the general competition discussion.
- Hyperscale operators building their own data centers
Companies that develop their own data centers could reduce demand for the company's space, per the declared risk factors.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Cipher Digital Just Scored a Huge AI Infrastructure Breakthrough. What It Will Take for the Stock to Reclaim $30.Yahoo Finance — News · 21 Sept 2026 · EN
- Applied Digital and TeraWulf Climb 5% as Oversold AI Capacity Names Bounce; Cipher Digital Edges HigherYahoo Finance — News · 17 Sept 2026 · EN
- Why Cipher Digital Stock Is Skyrocketing TodayYahoo Finance — News · 16 Sept 2026 · EN
- Cipher Digital Surges 9% on Conditional ERCOT Status for 3.2 GW of Texas Capacity; Core Scientific Rises 4%, IREN Nudges HigherYahoo Finance — News · 16 Sept 2026 · EN
- Is Cipher Digital Stock Expensive, Or Just Early?Yahoo Finance — News · 11 Sept 2026 · EN
- IREN Climbs 4% on $2.4B Blue Owl-Led GPU Financing; Cipher Digital Gains 2%Yahoo Finance — News · 04 Sept 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report02 Nov 2026
- Current report02 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Oct 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Oct 2026Other events · Financial statements and exhibits
- Current report13 Oct 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report25 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report09 Jun 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cipher Digital Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cipher Digital Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cipher Digital Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.