C
Cipher Digital
Capacity landlordMiner pivotNASDAQ:CIFRCipher Digital is a capacity landlord that began as a bitcoin miner based in New York, United States, founded in 2021. It is publicly listed (NASDAQ:CIFR).
Capacity, contracted700 MWas disclosed
Capacity, operating—not disclosed
Market cap$3.11Bmarket cap, 9 Nov 2026
Compute deals on record6$13.7B confirmed contract value
Key facts
| Classification | Capacity landlord, miner pivotHow types are assigned |
| Status | Listed, NASDAQ:CIFR |
| Headquarters | New York, United States |
| Founded | 2021 |
| Capacity and backlog | Cipher Digital reported about 700 MW of contracted HPC capacity and about $16.6 billion of contracted revenue (Q3 2026 update, November 2026), including 300 MW at Black Pearl leased to AWS for 15 years with delivery from August 2026 and the Barber Lake lease with Fluidstack, extended in September 2026 to 20 years with a commitment from a leading AI lab. Its development pipeline totals about 5.9 GW, including 270 MW of capacity available in 2027 and Horizon, a 70 MW site in Texas acquired in the quarter and expected to energize in 2029; the Barber Lake lease extension raised contracted revenue at that site to about $9.1 billion (Q3 2026 results). |
| Named customers | Amazon Web Services, Fluidstack, Google (credit backstop) |
| Latest financing | $850M, 0% convertible senior notes due 2032, 16 Oct 2026 |
| Investors named | Google (warrants), Morgan Stanley (revolver) |
| Debt and financing | Total long-term borrowings were $5.45 billion at 30 September 2026 (quarterly report), including $1.3 billion of 0% convertible notes due 2031 (September 2025), $850 million of 0% convertible notes due 2032 (October 2026), a $200 million Morgan Stanley revolver (March 2026) and project-level senior secured notes. |
| Website | cipherdigital.com |
| Profiles and work | X @CipherIncLinkedInHow links are checked, checked 10 Nov 2026 |
Compute deals and financings
| Date | Counterparty | Role | Type | Value | Capacity | Status | Source · checked |
|---|---|---|---|---|---|---|---|
| 25 Sep 2026 | Fluidstack | Provider | Colocation lease | $5.2B | — | Confirmed | sec.gov is expected to generate approximately $5.2 billion of incremental contracted revenue.checked 9 Nov 2026 |
| 8 Jun 2026 | Bond investors (144A) | Buyer | Debt financing | $810M | — | Confirmed | |
| 5 Nov 2025 | High-yield bond investors (144A) | Buyer | Debt financing | $1.4B | 168 MW | Confirmed | sec.gov The Issuer intends to use the net proceeds from the Offering to finance a portion of the construction cost of the Barber Lake Facilitychecked 9 Nov 2026 |
| 3 Nov 2025 | Amazon Web Services | Provider | Colocation lease | $5.5B | 300 MW | Confirmed | sec.gov Cipher today announced an approximately $5.5 billion, 15-year lease agreement with Amazon Web Serviceschecked 9 Nov 2026 |
| 25 Sep 2025 | Google Cloud | Buyer | Backstop | $1.4B | 168 MW | Confirmed | |
| 25 Sep 2025 | Fluidstack | Provider | Colocation lease | $3B | 168 MW | Confirmed | sec.gov The agreement represents approximately $3 billion in contracted revenue over the initial 10-year termchecked 9 Nov 2026 |
Investors by round
| Investor | Round | Date | Round size | Role | Status | Source |
|---|---|---|---|---|---|---|
| Morgan Stanley | revolving credit facility | 2026-03-23 | $200M | lead | Confirmed |
Latest posts on X
The most recent posts from @CipherInc, the X account of Cipher Digital, quoted as posted. Replies and reposts are left out. How posts are selected.
Texans deserve a seat at the table when data centers come to their communities. Governor-elect Hinojosa has said it, and we agree. It’s how we’ve operated from day one. Hear from our neighbors in Mitchell County and Colorado City, Texas in their own words:
View the post on X · With video
Cipher remains committed to the tremendous growth opportunities we see for data centers in Texas. We congratulate Governor-elect Hinojosa and we look forward to working with her administration to continue growing the data center economy in ways that are best for Texans.
This morning, Cipher released its Third Quarter 2026 Business Update. Highlights from the quarter included: · Recognized first HPC lease revenue following rent commencement at Black Pearl · Expanded the Barber Lake lease to a 20-year term, increasing total contracted revenue at the site to approximately $9.1 billion · Received a conditional base load classification for 1 GW at Colchis through ERCOT’s Batch Zero process · Commenced development of lateral pipelines to support up to 2.5 GW of on-site generation “Cipher was built for this market, and this quarter we took important steps to…
Read the full post on X · With 1 image
checked 10 Nov 2026
Is Cipher Digital publicly traded?
Yes. Cipher Digital is listed as NASDAQ:CIFR. Its market capitalisation was $3.11B on 9 Nov 2026. Company filings are the primary source for its capacity, backlog and debt figures.
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Other capacity landlords on the ledger
| Company | Status | Contracted | Operating | Valuation / market cap |
|---|---|---|---|---|
| CCore Scientific | NASDAQ:CORZ | 1.1 GW | 485 MW | $4.1B |
| CCleanSpark | NASDAQ:CLSK | 175 MW | — | $1.77B |
| AApplied Digital | NASDAQ:APLD | 1.41 GW | 250 MW | $5.06B |
| FFermi America | NASDAQ:FRMI | 222 MW | — | $1.06B |
| GGalaxy Digital | NASDAQ:GLXY | 526 MW | 133 MW | $5.67B |
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