Cipher Digital announces complete shift from bitcoin mining to AI hyperscale data centers, signing $11.4B long-term contract.

Cipher Digital has transitioned from bitcoin mining operations to hyperscale high-performance computing (HPC) data center operations, securing three long-term lease agreements totaling 700MW in contracted capacity. This strategic shift resulted in planned revenue decline in early 2026 due to the gradual cessation of bitcoin mining operations; however, the company has now secured $11.4 billion in contract revenue with expected annual average net operating income of $787 million.

The company's financial stability is supported by $5.2 billion in project-level non-recourse debt, $715 million in unrestricted cash, and an additional $200 million in undrawn corporate credit facility.

Analysts have rated Cipher Digital as "Buy" with a target stock price of $40, while noting that tenant concentration and regional market factors may present risks.