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what it is
Cipher Mining runs Texas data centers that use electricity to mine bitcoin.
how it gets paid
Last year Cipher Mining made $224M in revenue.
why it's growing
Trailing-twelve-month revenue is $224M (+48% vs. prior year on the bridge). The latest quarter callout is ~$164M, up ~129% vs. prior year on that quarter — do not mix quarter dollars with the annual total.
what just happened
Cipher Mining posted $164M of revenue last quarter, while EPS stayed deep in the red.
At a glance
B balance sheet — gets the job done, barely
-$2.05 fy2025 eps est
$2B fy2026 rev est
deep operating loss vs ~$224M revenue — operating margin n/a (verify filings; feed % was directional only)
~$6B market cap
xvary composite: 55/100 — below average
What they do
Cipher Mining runs Texas data centers that use electricity to mine bitcoin.
Odessa runs 207 MW and can produce about 6.4 EH/s; one site still carries a huge chunk of the machine. Beta near 2.05 means the stock has tended to move about 2× the market — both upside and drawdowns arrive faster than a sleepy large-cap.
How they make money
$224M
annual revenue · their business grew +48.0% last year
total revenue
$224M
+48.0%
The products that matter
drills and earns bitcoin
Bitcoin Mining
$224M · 100% of disclosed revenue
it's the whole business today. all $224M of current annual revenue comes from the mining side while the company funds the next act.
current cash engine
develops hpc data centers
Data Center Development
pre-scale today · central to the thesis
this is the pivot carrying a ~$6B market cap despite just $224M in current revenue. the snapshot data does not show a scaled revenue stream here yet.
valuation driver
Key numbers
$224M
annual revenue
EDGAR says annual revenue was $224M. That is the whole business, not a side hustle.
48.0%
revenue growth
Revenue grew 48.0% vs. prior year. That is strong, but it still runs into a -188.2% operating margin.
−188.2%
operating margin
Operating margin means profit after running costs. At −188.2%, each $1 of revenue is paired with heavy operating losses — the headline and KPI use the negative sign (the scoreboard had dropped it).
$1.0B
long-term debt
Debt means borrowed money. $1.0B is bigger than the $224M revenue base, so creditors get the loudest seat.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $1.0B (15% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CIFR right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Cipher Mining posted $164M of revenue last quarter, while EPS stayed deep in the red.
Revenue rose 129% vs. prior year to $164M, according to EDGAR. EPS was -$0.23, so growth did not turn into profit yet.
$164M
quarter revenue
-$0.23
eps (Q)
?
gross margin
the number that mattered
The $164M quarter shows the business is scaling fast, but the -$0.23 EPS says the bill is still beating the cash.
source: company earnings report, 2025
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What could go wrong
the top risk here is the data-center pivot arriving slower than the cash burn.
med
Pivot execution breaks
The company is moving from bitcoin mining into HPC and AI data centers, but current disclosed revenue is still just $224M from the legacy business. A 25.5x sales multiple assumes the new story becomes real.
If the build-out slips or demand disappoints, the multiple can compress long before the new revenue arrives.
med
Cash burn forces new funding
Free cash flow burn reached $280.3M in Q4 2025 alone, up 9.4% from the prior quarter. That's a heavy financing burden for a business still reporting losses.
If spending stays near that pace, you should expect either more leverage, more dilution, or both.
med
Google warrant dilution
Google holds a warrant to purchase 24.2 million shares at $0.01 each. The price tells you everything you need to know about who got the better end of that deal.
Full exercise would dilute existing shareholders by about 6% at a negligible cash cost to Google.
Burning $280.3M in one quarter against a $224M annual revenue base is not a rounding error. It means the financing risk is part of the thesis, not a footnote.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that mattered
Free cash flow burn
$280.3M burned in Q4 2025 is the metric you watch first. If that number does not improve, the rest of the story gets more expensive.
trend
Proof of non-mining revenue
Right now, disclosed revenue is still 100% tied to the legacy business. You want to see the data-center narrative show up in reported numbers, not just slides.
risk
Dilution and funding terms
The Google warrant is already a reminder that strategic capital is rarely free. Any new capital raise will tell you who really holds the leverage.
calendar
Next earnings update
You want two things at once: less cash burn and clearer evidence the build-out is producing a real revenue path. If you only get one, the debate stays open.
Analyst rankings
xvary composite
55
55 / 100 is below average. in human-speak, the stock has a live narrative but the risk-adjusted setup is not doing you many favors.
balance sheet
B
B means adequate balance sheet grade. It can support the plan for now, but it does not eliminate financing risk.
risk rank
2
This measure says safer than 80% of stocks. Then you look at 5 / 100 price stability and remember balance-sheet risk is not the same thing as stock volatility.
price stability
5
5 / 100 means the chart is the opposite of calm. If you own it, expect the market to revise the story aggressively.
source: institutional data
Institutional activity
institutional ownership data for CIFR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$16
current price
n/a
target midpoint · n/a from current
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