Cipher Digital Inc. (NASDAQ: CIFR)

Cipher Mining Inc. is a company dedicated to developing and operating industrial-scale data centers engineered for next-generation computing. The company has evolved from a pure-play bitcoin miner to a vertically integrated data center development and operations platform focused on energy-intensive compute infrastructure. Cipher Mining's operations span critical stages of the data center value chain, including land and power origination, site development, data center design and construction, and ongoing facility operations. The company's expertise lies in construction, engineering, operations, power, real estate, and technology, enabling it to deliver high-quality, purpose-built data centers that meet the needs of tenants.

Cipher Mining generates revenue through a combination of bitcoin mining and long-term leases for high-performance computing (HPC) data centers. The company's primary products include industrial-scale data centers and bitcoin mining operations. Revenue from bitcoin mining is derived from the sale of mined bitcoin, while revenue from HPC data centers comes from long-term lease agreements with hyperscalers and other HPC customers. The company's customer base includes major technology firms and hyperscalers seeking energy-intensive compute infrastructure.

• Data Center Portfolio: Cipher Mining's data center portfolio consists of 4.2 gigawatts (GW) of capacity across 10 sites at various stages of interconnection. The company is currently developing 600 megawatts (MW) of HPC data center facilities across two sites for hyperscaler tenants and operates approximately 207 MW of power at one bitcoin mining data center in Texas. The portfolio also includes a pipeline of approximately 3.4 GW across seven sites in Texas and one additional site in Ohio.

• HPC Leases: In 2025, Cipher Mining entered into significant HPC leases with Fluidstack and Amazon. The Barber Lake Facility, located near Colorado City, Texas, has a gross capacity of 300 MW, with 244 MW allocated to Fluidstack in Phase I and 56 MW in Phase II. The Black Pearl Facility, located in Wink, Texas, has a gross capacity of 300 MW and is leased to Amazon under a 15-year agreement.

• Bitcoin Mining Operations: Cipher Mining operates the Odessa Facility, a 207 MW bitcoin mining data center in Odessa, Texas. The company also previously operated the Black Pearl Facility for bitcoin mining before transitioning to HPC leasing. Additionally, Cipher Mining had equity interests in three 40 MW bitcoin mining data centers through a joint venture with WindHQ LLC, which were sold in February 2026.

Cipher Mining holds a strong position within the data center development and operations industry. The company's competitive advantages include its power-first site sourcing approach, deep experience in hyperscale development, and operational excellence led by an experienced leadership team. Cipher Mining's ability to source high-quality sites suitable for HPC tenants, with characteristics such as proximity to major metropolitan areas, ample acreage, diverse fiber routes, and available interconnection infrastructure, sets it apart from competitors. The company's execution capability, combined with disciplined capital management, technical credibility, and a proven ability to deliver in power-constrained environments, has enabled it to build relationships with leading hyperscalers, infrastructure investors, utilities, and financing partners.

Cipher Mining's specific customers include Fluidstack and Amazon, which have entered into long-term HPC leases for the Barber Lake and Black Pearl Facilities, respectively. The company's customer base also includes other hyperscalers and HPC tenants seeking industrial-scale data center capacity. The general customer base consists of major technology firms and hyperscalers requiring energy-intensive compute infrastructure for AI and HPC applications.