Cipher Digital pivots from crypto mining to AI data center landlord, signing $11.4 billion in leases with strong growth outlook.

Cipher Digital, formerly a Bitcoin mining company, has transformed itself into a major AI data center landlord, securing $11.4 billion in contracted lease revenue. The company's anchor leases with AWS and Fluidstack are expected to generate $787 million in average annualized net operating income beginning in 2027.

The stock trades at a discount relative to industry peers and carries a Buy rating with a $28 price target, supported by the visibility afforded by contracted cash flows. While execution risks around capital requirements and project delivery remain, strong anchor tenants and secured financing substantially mitigate near-term risks. This positions Cipher Digital well for growth within the expanding AI infrastructure market.