Cipher Digital Inc
cipherdigital.comWhat Do They Do?
Develops and operates industrial-scale data centers for hyperscalers and other high-performance computing customers, and runs bitcoin-mining data centers.
10-K for FY2025, filed Feb 24, 2026We are dedicated to developing and operating industrial-scale data centers engineered for next-generation computing at the highest…View ↗
Fundamentally, we bring together construction, engineering, operations, power, real estate and technology expertise to deliver high…View ↗
While bitcoin mining has been an important component of our business model in prior years, our strategy increasingly emphasizes the…View ↗
How Do They Make Money?
Hyperscalers and other high-performance computing tenants lease data center capacity under long-term contracts; mining generates bitcoin rewards and transaction fees through a pool.
10-K for FY2025, filed Feb 24, 2026 10-K for FY2022, filed Mar 14, 2023While bitcoin mining has been an important component of our business model in prior years, our strategy increasingly emphasizes the…View ↗
$223.9M
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10-K for FY2025, filed Feb 24, 2026
$223.9M ↗
Who Are Their Customers?
The company contracts with high-performance computing tenants through long-term leases, including Fluidstack at Barber Lake and Amazon at Black Pearl; Google backs certain Fluidstack obligations.
10-K for FY2025, filed Feb 24, 2026
Do Revenues Turn Into Profits?
No. It lost $822.2M in FY2025.
10-K for FY2025, filed Feb 24, 2026
−$421.6MView ↗
10-K for FY2025, filed Feb 24, 2026
−$822.2MView ↗
10-K for FY2025, filed Feb 24, 2026
−$695.8MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
−$267.5MView ↗
- ▲ +484% (Loss)
- vs −$45.8M in Q2 FY2025
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May 5, 2026
Signed a third campus lease with a hyperscale tenant
Sources
8-K, filed May 5, 2026
Signed Third AI Data Center Campus Lease with Investment-Grade Hyperscale TenantView ↗
From mining to data center leases
The older report described bitcoin mining as the principal revenue-generating activity and planned to expand mining. The latest report centers on developing and operating data centers for high-performance computing tenants, while retaining bitcoin mining as an interim or complementary use of power.
10-K for FY2022, filed Mar 14, 2023 10-K for FY2025, filed Feb 24, 2026
Who Do They Compete With?
Competes with CoreWeave, Digital Realty, Equinix, Vantage Data Centers, Aligned Data Centers, Hut 8, IREN, TeraWulf, Core Scientific, and Applied Digital
10-K for FY2025, filed Feb 24, 2026Several companies compete in this industry, including: CoreWeave, Digital Realty, Equinix, Vantage Data Centers and Aligned Data Centers.View ↗
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