Cipher Mining Inc. (CIFR) Stock

Cipher Mining Inc. (CIFR) is a Financials stock trading at $17.01 (as of 2026-08-20), with a market capitalization of $7.06B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Cipher Mining Inc. operates in the bitcoin mining ecosystem in the United States. The company develops and grows a cryptocurrency mining business focused on bitcoin, with headquarters in New York, New York, and incorporation in 2021.

Understand Cipher Mining Inc.: how it makes money

Cipher Mining develops and grows a bitcoin mining business in the United States, and it makes money primarily from contracted hosting and lease arrangements (including base lease terms and HPC deal contract revenue tied to AWS, Fluidstack, and Google), with additional revenue coming from bitcoin mining and its Odessa operation.

The profit model is driven mainly by long term contracted revenue tied to lease and AI HPC hosting capacity (base lease terms, executed leases, and AWS and other HPC deal contract revenue), while bitcoin mining and Odessa-related revenue appear as a smaller contribution relative to contracted arrangements.

Business quality (Weak): The provided segment revenue candidates do not reconcile with the reported quarter revenue (reported revenue is 0.0B, while multiple contracted revenue line items are shown as much higher), so the segment to total mapping looks inconsistent.

Bull case

  • Contracted capacity and long term hosting arrangements are a central part of the model, reflected in multiple contracted revenue line items and named HPC deal contract revenue items: This suggests revenue visibility is linked to executed and contracted lease terms rather than only spot performance.
  • Operational execution at Odessa is tracked using measurable efficiency and output metrics: Odessa fleet efficiency and Odessa hash rate are provided, which can help monitor how effectively deployed capacity converts to production.

Bear case

  • Profitability is weak at the operating level: For the quarter ended 2026-03-31, operating margin is -328.9% despite a positive gross margin of 49.2% (reported revenue is 0.0B in the provided facts).
  • Key capacity milestones include interconnection approvals: The presence of metrics like Stingray interconnection approval and Reveille interconnection approval highlights execution and timing risk for capacity coming online.
Valuation — source: SEC EDGAR (first-party)
Price$17.01
Market Cap$7.06B
Price / Book12.56
Price / Sales36.94
FCF Yield-23.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$223.94M
Net Margin-367.2%
Revenue Growth (YoY)-43.0%
EPS Growth (YoY)441.7%
FCF Growth (YoY)647.1%
Financial Health — source: SEC EDGAR
Altman Z-Score1.13 (distress)
Piotroski F-Score3/9 (weak)
Valuation vs Sector & Industry
Sector P/E (Financials)15.1
Industry P/E (Banking)12.9
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderV3 Holding Ltd ($789.15M)
Institutional Holders Tracked10
Company
SectorFinancials
IndustryBanking
CEORodney Tyler Page
Employees43
CountryUS
IPO Date2020-10-20

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CIFR earnings history · CIFR institutional & insider holders · CIFR KPIs & operating metrics · CIFR financials · CIFR investor presentations & press releases · CIFR SEC filings · CIFR peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.