Cipher Digital: From Bitcoin Miner To AI Infrastructure Landlord

Cipher Digital has transformed from Bitcoin mining to a leading AI data center landlord, securing $11.4B in contracted lease revenue. CIFR’s signed leases with AWS and Fluidstack are set to generate $787M in average annualized NOI, with revenue ramping up from 2027 onward. Shares trade at a discount to peers, with a Buy rating and a 12-month price target of $28, based on contracted cash flows. Risks include significant capital needs for pipeline buildout and execution on multi-campus developments, though anchor tenants and financing reduce near-term risk.

Cipher Digital ( CIFR ), formerly known as Cipher Mining, has gone through a quiet transformation over the past year from being a Bitcoin mining company to one of the largest landlords in AI. Today, the