Cipher Digital
- Ticker
- CIFR
- Beat
- datacenters
- Size
- Public Company
- Revenue
- $24.8M
- as of Jun 2026
- Cash
- $832M
- as of Jun 2026
- Burn
- $268M/qtr
- as of Jun 2026
- Runway
- ~3 qtr at this rate
- as of Jun 2026
- Researched · Fresh
- 7 days ago
The landlord has started collecting rent — Black Pearl (AWS) delivered two months early in August — but Barber Lake just slipped a quarter and Cipher is eating the first $359.3M of overrun there, all on a $6.0B debt stack against $562M of book equity; at ~$7.4B market cap versus ~$793M/yr of contracted NOI the equity is no longer priced for perfection, it is priced for a builder that must stop surprising on cost.
NO LINKS READ YET · no published dossier names Cipher Digital beside another company
Weekly closes
- Insiders sold, 90 days: 7,290,000 sh · 4 filings, Form 4 · 2 Nov 2026
- Short interest: 91,577,672 sh · 1.86 days to cover, FINRA · settled 15 Oct 2026
- Insiders bought, 90 days: 827,617 sh · 5 filings, Form 4 · 14 Oct 2026
- Next print: in 110 days, Scheduled · 1 Mar 2027, scheduled
Who is buying
- Insiders sold, last 90 daysSEC Form 4 · newest 2 Nov 2026
- 4 filings · 7,290,000 shares
- Insiders bought, last 90 daysSEC Form 4 · newest 14 Oct 2026
- 5 filings · 827,617 shares
- Shares sold shortFINRA · settled 15 Oct 2026
- 91,577,672 shares
- Days to unwind the shortFINRA · settled 15 Oct 2026
- 1.86
What happened
Deals on the Ledger
| Announced | With | Type | Value | Source |
|---|---|---|---|---|
| 13 Oct 2026 | No other party named | Loan against chips | $850MIssued 16 Oct 2026. Initial purchasers hold a 13-day option for up to $150M more. Initial conversion price about $15.31 a share (65.3211 shares per $1,000). | Cipher 8-K, 2026-10-16 |
| 25 Sept 2026 |
| Site lease | $5.2B~$5.2B incremental aggregate contracted revenue, extending the site's contracted term to 20 years. | Cipher Digital 8-K, 2026-09-25 |
| 3 Nov 2025 |
| Site lease | $5.5B | Cipher Mining 8-K Ex. 99.1, 2025-11-03 |
| 25 Sept 2025 |
| Backstop | $1.4B | Cipher Mining 8-K, 2025-09-25 |
| 25 Sept 2025 |
| Site lease | $3B~$3B over the initial 10-year term; ~$7B if two five-year extensions are exercised. | Cipher Mining 8-K Ex. 99.1, 2025-09-25 |
Every Cipher Digital deal on the Ledger — each one read against its source.
What Cipher Digital has said about its capacity
8 statements · 2 campuses · newest 13 Oct 2026
Promised
Dated promises, and how each reads today| Due | Where | What was promised | Their words | Reading | Source |
|---|---|---|---|---|---|
| 31 Dec 2026stated to the quarter, 14 days’ grace to 14 Jan 2027 | AWS lease (site not named) | Delivered · 300 MW basis unstated | “complete in the fourth quarter of 2026” | Due | Regulatory filing, 3 Nov 2025 |
| 31 Mar 2027stated to the quarter, 14 days’ grace to 14 Apr 2027first due 30 Sept 2026 | Barber Lake | Delivered · 168 MW critical IT | “by September 2026” | Slipped6 months later than first stated | Regulatory filing, 25 Sept 2025Restated: Regulatory filing, 25 Sept 2026 |
Happened
Stages the company says it reached, in the basis it used| Stated | Where | What it says | In its words | Source |
|---|---|---|---|---|
| 13 Oct 2026 | Colchis | Announced1,000 MW basis unstatedAn announcement. Never counted as capacity. | “1 GW site in Texas that has received conditional Batch Zero base load status as part of ERCOT's audit process” | Regulatory filing, 13 Oct 2026 |
| 25 Sept 2026 | Barber Lake · Follow-on lease (a leading AI lab, after Fluidstack's term) | Contracted | “the Company entered into a binding commitment with a leading AI lab to enter into a ten-year lease for the Barber Lake Facility (the “New Barber Lake Lease”) to commence following the term of the Barber Lake Lease with Fluidstack” | Regulatory filing, 25 Sept 2026 |
| 3 Nov 2025 | AWS lease (site not named) | Contracted300 MW basis unstated | “Under the terms of this lease agreement, Cipher will deliver 300 MW of capacity in 2026, including both air and liquid cooling to the racks.” | Regulatory filing, 3 Nov 2025 |
| 25 Sept 2025 | Barber Lake | Contracted168 MW critical IT | “The Facility is expected to provide 168 megawatts (MW) of critical IT load for high-performance computing data center operations.” | Regulatory filing, 25 Sept 2025 |
| 25 Sept 2025 | Barber Lake | Contracted244 MW up to (a ceiling) | “Under the agreement, Cipher will deliver 168 MW of critical IT load, supported by a maximum of 244 MW of gross capacity, at its Barber Lake site in Colorado City, Texas.” | Regulatory filing, 25 Sept 2025 |
Megawatts are kept in the kind the source used and never added across kinds. A promised date is the latest day its words can bear, and only the company’s own later statements settle it.
How our view changed
2 dossiers on Cipher Digital since . The verdict has held each time.
The research around Cipher Digital
Covered in the Knowledge Base
Datacenters & Digital Infrastructure
Company details
| Industry | Cloud Computing |
| Size | Public Company |
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