In the latest trading session, Cipher Digital Inc. (CIFR - Free Report) closed at $23.15, marking a -10.34% move from the previous day. The stock's change was less than the S&P 500's daily gain of 0.05%. Meanwhile, the Dow gained 0.46%, and the Nasdaq, a tech-heavy index, lost 0.64%.
Prior to today's trading, shares of the company had gained 0.55% lagged the Business Services sector's gain of 3.24% and the S&P 500's gain of 0.61%.
The investment community will be paying close attention to the earnings performance of Cipher Digital Inc. in its upcoming release. The company is slated to reveal its earnings on August 4, 2026. The company is forecasted to report an EPS of -$0.24, showcasing a 100% downward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $30.11 million, indicating a 30.88% decrease compared to the same quarter of the previous year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.8 per share and revenue of $227.24 million. These totals would mark changes of +62.79% and +1.47%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Cipher Digital Inc. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Cipher Digital Inc. is currently a Zacks Rank #3 (Hold).
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 91, this industry ranks in the top 37% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
NEW YORK, July 21, 2026 (GLOBE NEWSWIRE) -- Cipher Digital Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced it will provide a business update and release its second quarter 2026 financial results before U.S. markets open on Tuesday, August 4th, 2026. Cipher will host a conference call and webcast that day at 8:00 a.m.
Cipher Digital stock is charging ahead with explosive momentum. What’s driving CIFR stock higher? Bessent’s One-Yard-Line Comment Sets the Crypto Market on FireBroader social media chatter suggesting the White House had reached an agreement on an ethics package attached to the bill and transmitted the language to key Senate Republicans added further fuel, with industry participants viewing the development as a potential path to updated bill text being released in short order.
A Former Bitcoin Miner Now Playing the AI Infrastructure TradeWhile the crypto rally is lifting the group broadly, Cipher is now primarily an AI infrastructure company, having pivoted away from its mining origins to redirect its power assets and data center capabilities toward serving artificial intelligence compute demand. The stock is catching a bid today largely alongside other former miners that have made a similar transition and are seeing renewed interest after a difficult stretch of selling pressure across the sector.
That said, the company still mines Bitcoin and held $76,150 worth of the digital currency on its balance sheet as of March 31, 2026, down from $125,400 at year-end. With Bitcoin pushing toward multi-month highs today, that residual exposure may be providing a modest additional boost on top of the broader AI infrastructure recovery.
CIFR Shares Are BoomingCIFR Price Action: Cipher shares were up 11.20% at $22.84 at the time of publication on Tuesday, according to Benzinga Pro.
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Key Takeaways High-beta momentum stocks recently suffered a 33% drawdown.Fear levels remain elevated among investors.Failed bearish technical patterns suggest that the pain is over for tech bulls. Tuesday, Wall Street investors sent the market soaring as they looked past geopolitical concerns and jockeyed for positioning in tech stocks ahead of earnings season. The Nasdaq, which has been the most beaten-down index, stormed back nearly 2%.
Time to Buy the Dip in Momentum Stocks?High beta, tech momentum just suffered a 33% drawdown in a handful of sessions, marking one of the worst drawdowns since the late 1990s Dot Com bubble burst. However, previous drawdowns of this magnitude have resulted in significant market bottoms. For instance, in 2022, high-beta momentum stocks suffered a 32.82% drawdown before bouncing.
Image Source: GS
Stocks Climb the Wall of WorryAccording to the CNN Fear & Greed Index, Wall Street investors are currently fearful. The fear comes as the major market indices have chopped sideways over the past few weeks. Despite the flattish price action, the destruction of momentum stocks and the restarting of the U.S.-Iran conflict have caused elevated fear levels
Image Source: CNN
However, just as many investors threw in the towel on AI stocks, recently beaten-down AI stocks such as SanDisk ((SNDK - Free Report) ), Cerebras Systems ((CBRS - Free Report) ), Cipher Mining ((CIFR - Free Report) ) stormed back.
From False Moves Come Fast MovesOn Wall Street, one day does not prove a trend. Nevertheless, it can produce valuable clues for investors. For instance, Micron ((MU - Free Report) ), a leading AI stock, broke down from a bearish head-and-shoulders pattern on the daily chart. However, on Tuesday, shares roared back more than 10% and retook the “neckline” of the pattern. More often than not, false moves produce violent moves in the opposite direction as late bears and shorts get trapped.
Image Source: TradingView
Meanwhile, MU shares retook the 10-week moving average after a brief shake below it. The regain of the 10-week moving average means that shares remain in an uptrend. Furthermore, MU is forming a classic bull flag pattern. Similar patterns have produced triple-digit returns over the past few years.
Image Source: TradingView
Bottom Line
Tuesday, stocks climbed the proverbial Wall of Worry as investors looked beyond geopolitical concerns. The false moves in many AI stocks suggest that the rally has staying power.
Rather than betting on whichever model wins, the neocloud theme focuses on the contracted GPU capacity and data‑center power the AI models require.
NBIS stock is climbing. See the chart and price action here. Nebius and IREN Monetize AI Capex AltStreet’s AI infrastructure guide makes the case that the real bottleneck in AI is shifting from algorithms to bankable compute: power‑dense data centers, racks of H‑class GPUs and long‑term offtake contracts that look more like midstream energy than venture‑style software.
Anthropic’s commitment to purchasing $30 billion of Azure compute capacity, with up to one gigawatt of infrastructure, illustrates the scale of demand now flowing into the GPUaaS and neocloud stack.
Nebius has built a hyperscale backlog with Microsoft and Meta while increasingly pivoting to an asset‑light model, using third‑party‑financed data centers and a $775 million asset‑backed facility secured on deployed GPUs and contracted cash flows.
IREN has signed multi‑billion‑dollar AI infrastructure deals that push its year‑end cloud ARR guidance above $4 billion, with customer prepayments covering a significant slice of its own capex.
Neoclouds Offer Leveraged Exposure to the AI Build‑OutInvestors have begun to treat these stocks as critical AI‑infrastructure players rather than crypto proxies, rewarding companies that secure multi‑year AI data‑center and neocloud services agreements.
The common thread is that these businesses monetize hyperscaler AI capex through contracted GPU and power capacity, increasingly supported by asset‑backed debt and customer prepayments.
In a market where AI narratives are crowded, framing Nebius, IREN, Hut 8 and Cipher as contract‑anchored compute landlords sharpens the investment case and ties upside directly to the multi‑trillion‑dollar data‑center build now underway.
Photo: Asef2425 / Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Chicago Partners Investment Group LLC purchased a new stake in Cipher Mining Inc. (NASDAQ:CIFR – Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 25,068 shares of the company’s stock, valued at approximately $323,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC acquired a new position in shares of Cipher Mining in the 4th quarter valued at about $25,000. Arax Advisory Partners lifted its position in shares of Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after buying an additional 1,338 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after purchasing an additional 1,286 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Cipher Mining during the 4th quarter worth $28,000. Finally, Danske Bank A S boosted its holdings in Cipher Mining by 1,150.0% during the fourth quarter. Danske Bank A S now owns 2,500 shares of the company’s stock valued at $37,000 after acquiring an additional 2,300 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.
Insider Activity at Cipher Mining In related news, Director Cary M. Grossman sold 15,000 shares of Cipher Mining stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $29.43, for a total value of $441,450.00. Following the sale, the director owned 143,829 shares of the company’s stock, valued at approximately $4,232,887.47. This trade represents a 9.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James E. Newsome sold 3,758 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total transaction of $99,962.80. Following the completion of the sale, the director directly owned 128,530 shares in the company, valued at approximately $3,418,898. This represents a 2.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,245,336 shares of company stock valued at $83,803,938 over the last three months. Insiders own 2.63% of the company’s stock.
Analyst Upgrades and Downgrades Several research firms have recently weighed in on CIFR. Keefe, Bruyette & Woods increased their price objective on Cipher Mining from $23.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. HC Wainwright upped their price objective on Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Cantor Fitzgerald dropped their target price on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Morgan Stanley cut their price objective on Cipher Mining from $48.50 to $47.00 and set an “overweight” rating for the company in a research report on Monday. Finally, BTIG Research boosted their target price on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Cipher Mining currently has an average rating of “Moderate Buy” and a consensus price target of $28.22.
Get Our Latest Research Report on Cipher Mining
Cipher Mining Stock Up 17.0% Cipher Mining stock opened at $20.54 on Tuesday. Cipher Mining Inc. has a fifty-two week low of $4.55 and a fifty-two week high of $30.14. The firm has a market capitalization of $8.40 billion, a price-to-earnings ratio of -8.82 and a beta of 3.18. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The company’s 50 day simple moving average is $23.02 and its 200 day simple moving average is $18.71.
Cipher Mining (NASDAQ:CIFR – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The firm had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The business’s quarterly revenue was down 28.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Cipher Mining Inc. will post -0.8 EPS for the current year.
Cipher Mining Company Profile (Free Report)
Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.
Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.
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Cipher Digital Inc. (CIFR - Free Report) closed the most recent trading day at $17.72, moving -10.82% from the previous trading session. The stock's change was less than the S&P 500's daily loss of 0.51%. Elsewhere, the Dow saw a downswing of 0.2%, while the tech-heavy Nasdaq depreciated by 1.47%.
Coming into today, shares of the company had lost 24.59% in the past month. In that same time, the Business Services sector gained 2.81%, while the S&P 500 gained 0.53%.
The investment community will be paying close attention to the earnings performance of Cipher Digital Inc. in its upcoming release. The company is expected to report EPS of -$0.24, down 100% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $30.11 million, indicating a 30.88% decrease compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.8 per share and revenue of $227.24 million, indicating changes of +62.79% and +1.47%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for Cipher Digital Inc. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. As of now, Cipher Digital Inc. holds a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 97, this industry ranks in the top 40% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
Bitcoin miners spent the past decade building out cheap electricity and heavy-duty power infrastructure. Now, some of the biggest artificial intelligence (AI) companies in the world are paying billions of dollars to use it.
Key Takeaways: Texas grid operator ERCOT is fielding 430 gigawatts of connection requests, mostly from data centers. TeraWulf’s 20-year Anthropic lease could generate about $19 billion over its term. CoinShares projects most listed bitcoin miners will earn AI income by year’s end.
Tech giants racing to add computing capacity are running into a wall that money alone can’t fix. There isn’t enough available power, and building new electrical infrastructure from scratch takes years. Bitcoin mining companies — with land, substations, and energized sites already in place — are filling that gap.
That shortage explains why hyperscalers are turning to miners rather than building on their own. The assessment comes from Matthew Kimmell, digital asset research analyst at CoinShares Asset Management.
Speaking during a July 14 CoinShares webinar moderated by Todd Rosenbluth, head of research at VettaFi, Kimmell cited new data from the Texas grid operator ERCOT. The agency reported that roughly 430 gigawatts of proposed projects are waiting for grid connection as of June. Kimmell also noted that the median wait time is 1.5 to 2 years and about 90% of those applications are from data centers.
For scale, Kimmell pointed to the record for electricity use on the Texas grid. That record, set in April 2023, was about 80 gigawatts — meaning that the queue adds up to roughly five times the record peak.
TeraWulf Inc. (WULF) illustrated the trend on July 6. The mining company announced a 20-year lease with artificial intelligence (AI) company Anthropic at its Justified Data campus in Hawesville, Kentucky.
The agreement covers approximately 401 megawatts of critical IT load and is expected to generate about $19 billion in contracted revenue over its initial term, according to TeraWulf.
Miners Land a Wave of AI Contracts Calvin Tintle, senior manager of national accounts and distribution at CoinShares Asset Management, also joined the discussion. He listed a string of similar deals that have been signed just in the past six months, including CleanSpark, Inc. (CLSK) announcing its $6.6 billion, 20-year infrastructure lease on the same day as the webinar. Tintle also spoke on other major deals such as, Core Scientific, Inc. (CORZ) signing a 12-year, $10 billion hosting agreement with CoreWeave, Inc. (CRWV), Hut 8 Corp. (HUT) entering a 15-year, $7 billion lease with Fluidstack, and Cipher Mining Inc. (CIFR) also reaching a multibillion-dollar, Google-backed agreement with Fluidstack.
See more: Bitcoin Miners Are Winning the AI Boom
Rosenbluth asked whether the shift was more marketing than substance. Tintle said that the shift is structural rather than a rebrand. He explained that hyperscalers need land, energized power infrastructure, and grid access — and mining companies already control all three.
CoinShares, which sponsored the webinar, offers exposure to the group through the CoinShares Bitcoin Mining ETF (WGMI). Kimmell said that CoinShares expects roughly 80% of listed Bitcoin mining companies to earn AI revenue by year’s end. That’s up from a business once built almost entirely around cryptocurrency rewards.
Miners Aren’t Giving Up on Bitcoin Kimmell also added that this shift doesn’t mean these companies have stopped mining altogether. It’s a case-by-case decision, he said, not an industry-wide exit.
According to Kimmell, bitcoin mining still functions as what he called a buyer of last resort for electricity. Unlike an AI data center, a mining rig doesn’t need a signed customer contract to run. It can be switched on or off instantly, he said.
That flexibility lets mining companies monetize stranded, underutilized or cheap power, he said. AI data centers can’t do the same because long-term contracts require higher uptime and networking reliability. Kimmell described the AI push as a diversification of the business rather than a full pivot away from bitcoin.
Tintle agreed. He compared it to Amazon.com, Inc. (AMZN) expanding past books into a broader marketplace. Mining companies are adding revenue streams, he said, without giving up a business that they already know how to run.
Because new bitcoin issuance is capped at 21 million coins, an audience member asked whether mining eventually disappears. Kimmell said that miners will keep processing transactions for fees well after that cap is reached. That isn’t expected for roughly a hundred years.
Kimmell closed the discussion by pointing to a headline he had seen that day. New York, he said, had paused new data center construction. He said pushback like that adds to the scarcity of already energized sites and leaves fewer places for the next round of AI computing demand to land.
For more news, information, and strategy, visit the CoinShares Crypto ETF Hub.
Cipher Digital Inc. (CIFR - Free Report) closed at $22.11 in the latest trading session, marking a -4.94% move from the prior day. The stock's change was less than the S&P 500's daily gain of 0.42%. Elsewhere, the Dow gained 0.29%, while the tech-heavy Nasdaq added 0.29%.
Shares of the company witnessed a gain of 2.78% over the previous month, trailing the performance of the Business Services sector with its gain of 2.8%, and outperforming the S&P 500's gain of 2.2%.
Investors will be eagerly watching for the performance of Cipher Digital Inc. in its upcoming earnings disclosure. In that report, analysts expect Cipher Digital Inc. to post earnings of -$0.24 per share. This would mark a year-over-year decline of 100%. Our most recent consensus estimate is calling for quarterly revenue of $29.79 million, down 31.62% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.8 per share and a revenue of $232.16 million, indicating changes of +62.79% and +3.67%, respectively, from the former year.
Investors might also notice recent changes to analyst estimates for Cipher Digital Inc. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Cipher Digital Inc. is currently a Zacks Rank #3 (Hold).
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 152, putting it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Cipher Digital Inc (NASDAQ:CIFR) shares are trading higher by more than 7% on Thursday as risk-on appetite lifts high-beta Technology names alongside crypto-adjacent and AI-infrastructure themes.
Here’s what investors need to know.
Cipher Digital stock is showing exceptional strength. Why is CIFR stock surging? CIFR Technical Analysis: Key Levels To WatchCIFR is still in a longer-term uptrend: it’s trading about 29% above its 200-day SMA ($18.13) and about 22% above its 100-day SMA ($19.15), which keeps the primary trend pointed higher. At the same time, it is trading 4.2% below its 20-day SMA ($24.46), suggesting the stock is trying to reclaim short-term trend control after a recent cooling phase.
RSI is the cleaner momentum read right now, sitting at 49.89, which signals neutral momentum rather than an overbought "chase" setup. In plain terms, RSI helps gauge whether buying or selling pressure is getting stretched; near-50 readings often show a market deciding between continuation and consolidation.
The moving-average structure remains constructive, with the 20-day SMA above the 50-day SMA and the 50-day SMA above the 200-day SMA (a golden cross that occurred in July 2025). That backdrop matters because it often turns pullbacks into "buy-the-dip" tests, especially if price can stay above the 50-day area ($22.69).
Key Resistance: $25.50 — a nearby round-number/pivot zone where rebounds can stall, and it sits above the current price as the next obvious upside test Key Support: $20.50 — a nearby level that lines up with a prior demand zone and sits closer to the broader uptrend structure What Does Cipher Digital Do?Cipher Digital is focused on high-performance computing (HPC) data center development and operations, building and running facilities designed for HPC workloads. That puts it in the middle of the market’s ongoing demand for compute capacity tied to AI and other intensive workloads.
The company also manages power assets and capital allocation based on market conditions and demand for AI-related computing capacity. In practice, that means sentiment can swing with both the broader Technology tape and expectations around data-center buildouts, utilization, and power economics.
CIFR Benzinga Edge Rankings: Momentum AnalysisBelow is the Benzinga Edge scorecard for Cipher Digital, highlighting its strengths and weaknesses compared to the broader market:
Momentum: Bullish (Score: 97.52) — The stock is showing strong trend persistence versus the broader market, consistent with its outsized 12-month run. The Verdict: Cipher Digital’s Benzinga Edge signal reveals a momentum-driven story, with the scorecard heavily concentrated in trend strength rather than a balanced factor mix. For longer-term traders, that typically puts more weight on managing entries around support/resistance and key moving averages, since momentum names can swing quickly when the tape cools.
CIFR Stock Price Action: Thursday UpdateCIFR Stock Price Activity: Cipher Digital shares were up 7.87% at $23.57 at the time of publication on Thursday, according to Benzinga Pro data.
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Cipher Digital Inc. (CIFR - Free Report) closed at $20.47 in the latest trading session, marking a -5.8% move from the prior day. The stock's change was less than the S&P 500's daily loss of 0.45%. Meanwhile, the Dow lost 0.25%, and the Nasdaq, a tech-heavy index, lost 1.16%.
Heading into today, shares of the company had lost 10.54% over the past month, lagging the Business Services sector's gain of 4.05% and the S&P 500's gain of 2.14%.
The investment community will be paying close attention to the earnings performance of Cipher Digital Inc. in its upcoming release. The company is forecasted to report an EPS of -$0.24, showcasing a 100% downward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $29.79 million, down 31.62% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.8 per share and a revenue of $232.16 million, indicating changes of +62.79% and +3.67%, respectively, from the former year.
Investors might also notice recent changes to analyst estimates for Cipher Digital Inc. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Cipher Digital Inc. is currently a Zacks Rank #3 (Hold).
The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 110, positioning it in the top 45% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
Cipher Digital has transformed from Bitcoin mining to a leading AI data center landlord, securing $11.4B in contracted lease revenue. CIFR's signed leases with AWS and Fluidstack are set to generate $787M in average annualized NOI, with revenue ramping up from 2027 onward. Shares trade at a discount to peers, with a Buy rating and a 12-month price target of $28, based on contracted cash flows.
Cipher Digital Inc. (CIFR - Free Report) closed the most recent trading day at $22.84, moving -6.78% from the previous trading session. The stock's change was less than the S&P 500's daily loss of 0.22%. At the same time, the Dow lost 0.03%, and the tech-heavy Nasdaq lost 0.66%.
Coming into today, shares of the company had lost 6.81% in the past month. In that same time, the Business Services sector gained 0.47%, while the S&P 500 lost 1.21%.
Investors will be eagerly watching for the performance of Cipher Digital Inc. in its upcoming earnings disclosure. The company is expected to report EPS of -$0.24, down 100% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $29.79 million, showing a 31.62% drop compared to the year-ago quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.8 per share and a revenue of $232.16 million, representing changes of +62.79% and +3.67%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Cipher Digital Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Cipher Digital Inc. currently has a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 153, placing it within the bottom 38% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
Many growth investors have shifted their focus to artificial intelligence (AI) stocks as they seek to outperform key benchmarks like the S&P 500 and Nasdaq Composite. Despite all of the talk about this innovative technology, it is still in its early innings. Agentic AI is just starting to gain traction among consumers and businesses, and the possibilities of AI extend well beyond chatbots and ChatGPT.
Investors still have time to ride this megatrend, and these three AI stocks look poised to deliver gains for patient investors.
Image source: Getty Images.
1. Iren The bullish thesis hasn't changed much over the past few months. Iren (IREN 0.78%) has been loading up on gigawatts and has more than doubled its total number of gigawatts from 2.9 to 5.8 year to date.
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The gigawatt buildup lets Iren service more tech giants who need AI compute. It recently signed a five-year deal with Nvidia (NVDA 1.42%) that comes to $3.4 billion for 60 megawatts. It represents an average annual value of $11.3 million per megawatt.
Iren has built its AI data center pipeline faster than competitors like Nebius (NBIS 6.11%) and Cipher Mining (CIFR +1.01%). However, those two companies have so far run laps around Iren in terms of securing deals with hyperscaler tenants. Iren is borrowing billions of dollars to buy Nvidia chips and build AI data centers. It's expecting a big return on investment from those efforts that should start to materialize soon.
While Nebius and Cipher Mining are making more deals now, Iren has a higher ceiling, especially since it hasn't rallied like those two stocks year to date. Still, Iren raised its projected annualized run rate revenue from $3.7 billion to $4.4 billion, so it should see meaningful growth soon.
2. Alphabet It's hard to go wrong with Alphabet (GOOG 2.19%) (GOOGL 1.73%). The company established itself as the search engine leader more than 20 years ago and turned that visibility into an advertising empire.
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Google and YouTube are high-margin parts of Alphabet that contributed to 22% year-over-year revenue growth in Q1 2026. Critically, these high-margin businesses have helped Alphabet explore new industries, even if its ventures were initially unprofitable. Google Cloud is a major testament to this, since it wasn't profitable for more than a decade. That same segment is now a major growth driver that was up by 63% year over year in Q1.
Google Cloud's revenue has accelerated significantly due to AI enterprise demand. It made up almost 20% of Alphabet's total business and was a key catalyst for Alphabet CEO Sundar Pichai's remark on AI investments "lighting up every part of the business."
Alphabet's vast capital and high profits give it the resources to scale self-driving vehicle brand Waymo and AI model Gemini. If Alphabet wants to capitalize on a new AI opportunity, it is well positioned to do so.
3. Broadcom Broadcom (AVGO 3.39%) specializes in customized AI chips. While Nvidia's chips perform general tasks, Broadcom's chips are custom-made for tech giants.
Demand has swelled for these chips, based on Broadcom delivering 48% year-over-year revenue growth in its fiscal 2026 second quarter. Its AI-related revenue increased by 143% year over year and made up almost half of the company's entire sales. That suggests AI-related semiconductors will make up a larger portion of future sales and have a stronger influence on upcoming revenue growth rates.
It's not just top-line growth that is exciting investors. Net income almost doubled year over year, resulting in a 42% net profit margin in the quarter. Revenue and earnings should continue to go up as demand for AI chips soars, especially as Broadcom continues to secure big wins.
The AI chip maker recently unveiled a custom AI chip that it designed for OpenAI. The chip, named Jalapeño, is an LLM-optimized inference chip. An OpenAI press release found in early testing that this chip "delivers performance per watt substantially better than current state-of-the-art."
If Broadcom can continue to make tech companies happy, the orders will continue to accumulate and potentially move Broadcom stock back to an all-time high.
The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?
Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Cipher Digital Inc. (CIFR - Free Report) .
Cipher Digital Inc. currently has an average brokerage recommendation (ABR) of 1.24, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 17 brokerage firms. An ABR of 1.24 approximates between Strong Buy and Buy.
Of the 17 recommendations that derive the current ABR, 14 are Strong Buy and two are Buy. Strong Buy and Buy respectively account for 82.4% and 11.8% of all recommendations.
Brokerage Recommendation Trends for CIFR
Check price target & stock forecast for Cipher Digital Inc. here>>>
While the ABR calls for buying Cipher Digital Inc., it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.
Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.
In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.
Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.
ABR Should Not Be Confused With Zacks RankIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.
Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.
In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.
In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.
There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.
Is CIFR a Good Investment?In terms of earnings estimate revisions for Cipher Digital Inc., the Zacks Consensus Estimate for the current year has remained unchanged over the past month at -$0.8.
Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Cipher Digital Inc. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Cipher Digital Inc.
Cipher Digital Inc. (CIFR - Free Report) closed the most recent trading day at $25.68, moving -2.06% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.01%. Elsewhere, the Dow gained 0.14%, while the tech-heavy Nasdaq lost 0.46%.
The company's shares have seen an increase of 4.21% over the last month, surpassing the Business Services sector's loss of 1.21% and the S&P 500's loss of 1.4%.
Investors will be eagerly watching for the performance of Cipher Digital Inc. in its upcoming earnings disclosure. The company is expected to report EPS of -$0.24, down 100% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $29.79 million, indicating a 31.62% decline compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.8 per share and revenue of $232.16 million, indicating changes of +62.79% and +3.67%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for Cipher Digital Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. As of now, Cipher Digital Inc. holds a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 162, which puts it in the bottom 34% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
Cipher Digital has pivoted from Bitcoin mining to a hyperscale HPC platform, securing three long-term leases totaling 700 MW contracted capacity. Q1 2026 headline revenue decline reflects planned mining wind-down; the core story is $11.4B in contracted revenue and a visible $787M average annualized NOI ramp. Capital structure is derisked by $5.2B in project-level non-recourse debt, $715M unrestricted cash, and a new $200M undrawn corporate revolver with major banks.
In the latest trading session, Cipher Digital Inc. (CIFR - Free Report) closed at $28.14, marking a -3.56% move from the previous day. This change lagged the S&P 500's 0.37% loss on the day. On the other hand, the Dow registered a gain of 0.29%, and the technology-centric Nasdaq decreased by 1.33%.
The stock of company has risen by 32.82% in the past month, leading the Business Services sector's loss of 1.59% and the S&P 500's gain of 2.02%.
Market participants will be closely following the financial results of Cipher Digital Inc. in its upcoming release. On that day, Cipher Digital Inc. is projected to report earnings of -$0.24 per share, which would represent a year-over-year decline of 100%. Meanwhile, the latest consensus estimate predicts the revenue to be $29.79 million, indicating a 31.62% decrease compared to the same quarter of the previous year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.8 per share and revenue of $232.16 million. These totals would mark changes of +62.79% and +3.67%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cipher Digital Inc. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Cipher Digital Inc. is currently a Zacks Rank #3 (Hold).
The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 172, finds itself in the bottom 30% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CIFR in the coming trading sessions, be sure to utilize Zacks.com.
Cipher Digital Inc. (NASDAQ:CIFR) stock rose on Thursday as investors revalued the company toward a pure-play Artificial Intelligence (AI) and High-Performance Computing (HPC) hosting model.
The transition to a data center infrastructure model decoupled the equity from the broader cryptocurrency market downturn.
AI Pivot Versus Crypto DeclineWhile pure-play digital asset equities declined, CIFR increased as much as 10% on Thursday.
The total cryptocurrency market capitalization decreased 4.52% to $2.15 trillion, pressured in part by the Federal Open Market Committee decision led by Kevin Warsh on Wednesday.
Leadership Expansion and Grid StrategyThe gains followed Tuesday's announcement that the company appointed Bill Blevins as head of Grid Strategies to strengthen its power and grid capabilities.
Blevins possesses more than 30 years of power systems experience, including prior service as Director of Grid Coordination at the Electric Reliability Council of Texas (ERCOT).
Short Interest DataRecent exchange data indicated a decline in short interest during the latest reporting period. Short positions fell from 54.81 million shares to 52.53 million shares, representing 15.67% of the company's publicly available float.
Based on an average daily volume of 22.50 million shares, the short interest ratio stands at 2.33 days to cover.
CIFR Stock: Key Levels and Momentum IndicatorsFrom a trend perspective, CIFR is extended but still technically constructive: it's trading 22.6% above its 20-day SMA ($23.90) and 71.2% above its 200-day SMA ($17.11), which is the kind of separation you typically see in strong momentum runs. The 20-day SMA remains above the 50-day SMA, and the stock is also holding a golden-cross backdrop (50-day above 200-day) that first appeared in July 2025.
Thursday's push also puts the stock above its prior 52-week high ($28.62), with the current price ($29.53). Over the last 12 months, the stock's 669.50% run helps explain why breakouts and pullbacks can both be sharp—this is a name traders tend to treat as momentum-first.
Key Resistance: $29.53 Key Support: $23.90 CIFR Stock Price Activity: Cipher Digital shares were up 12.05% at $29.52 at the time of publication on Thursday, according to Benzinga Pro data.
Photo: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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June 16, 2026 07:00 ET | Source: Cipher Digital Inc.
Power Systems Veteran Joins Cipher from ERCOT, Where He Served as Director of Grid Coordination
Appointment Deepens Cipher’s Power and Grid Expertise as It Scales HPC Data Center Pipeline
NEW YORK, June 16, 2026 (GLOBE NEWSWIRE) -- Cipher Digital Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”), a leading developer, owner, and operator of industrial-scale data centers, today announces the appointment of Bill Blevins as Head of Grid Strategies.
In this role, Mr. Blevins will lead Cipher’s grid strategy, supporting the Company’s efforts to source and secure power, and advance its development pipeline in Texas and around the country. He will report to Will Iwaschuk, Cipher’s Co-President & CLO.
Mr. Blevins brings to Cipher more than 30 years of power systems experience spanning grid operations, reliability, and nuclear power. He joins Cipher from the Electric Reliability Council of Texas (“ERCOT”), where he served as Director of Grid Coordination. During his tenure at ERCOT, he previously held the roles of Manager of Operations Support and Manager of Operations Planning and was responsible for grid operations as ERCOT transitioned to its Nodal Market in 2011. Prior to ERCOT, Mr. Blevins served at the North American Electric Reliability Corporation (“NERC”) and Duke Energy. In 2024, the Blevins Solar Project, a campus with 270 megawatts of solar power and 180 megawatts / 360 megawatt-hours of battery storage, was named in his honor.
“Bill is one of the most respected grid operators in the entire country, and his deep understanding of ERCOT and large-scale power systems will be invaluable as we continue to develop and energize data centers at scale,” said Mr. Iwaschuk. “Securing and delivering power is the foundation of everything we do, and adding a leader of Bill’s caliber further strengthens our ability to execute across our pipeline.”
About Cipher
Cipher develops and operates industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision, and excellence. The Company brings together deep expertise across power sourcing, construction, engineering, operations, real estate, and technology to deliver high-quality data centers purpose built for HPC workloads. By partnering with premier tenants, Cipher seeks to meet the growing demand for industrial-scale data center capacity and become a leading HPC development platform that is built for hyperscale. To learn more about Cipher, please visit https://www.cipherdigital.com/.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as statements about the Company’s beliefs and expectations regarding its planned business model and strategy, and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts it may make to modify aspects of its business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Cipher’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on February 24, 2026 and in Cipher’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Website Disclosure
The Company maintains a dedicated investor website at https://investors.cipherdigital.com/ (“Investors’ Website”). Financial and other important information regarding the Company is routinely posted on and accessible through the Investors’ Website. Cipher uses its Investors’ Website as a distribution channel of material information about the Company, including through press releases, investor presentations, reports and notices of upcoming events. Cipher intends to utilize its Investors’ Website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the “Email Alerts” option under the Investor Resources section of Cipher’s Investors’ Website and submitting your email address.
Contacts:
Investor Contact:
Courtney Knight
Head of Investor Relations at Cipher Digital [email protected]
The company has a 2.2 gigawatt pipeline and expects to sign three leases with tech tenants by the end of the year. Keel Infrastructure told investors its $533 million in liquidity is enough to execute leases at three of its sites.
Revenue of US$62.7 million was in line with guidance; cryptocurrency treasury[1] reached a record 1,807.60 BTC and 3,951.53 ETH as of March 31, 2026 Installed mining computing power across 10 joint-mining projects reached approximately 11 EH/s, up 10.7% sequentially; Produced 257 bitcoins in Q1 Strategic energy infrastructure footprint expanded through the acquisition of 49% interest in ABC Projects in West Texas from Cipher Mining and Nordic hash-to-heat deployment , /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced its unaudited financial results for the three months ended March 31, 2026.
First Quarter 2026 Operating and Financial Highlights
Metrics
Q1 2026
Market-readable takeaways
Total revenue
US$62.7 million
In line with guidance
Product revenue
US$42.9 million
Completed final deliveries
under a major U.S. order
Mining revenue
US$19.1 million
Resilient production despite
BTC/hashprice volatility
BTC produced
257 BTC
Continued mining output
Crypto treasury
1,807.60 BTC / 3,951.53
ETH
Record high treasury
Installed mining
computing power
~11 EH/s
Up 10.7% QoQ
All-in power cost
~US$0.04/kWh
Competitive mining cost base
G&A expense
US$15.0 million
Down 11% QoQ
Subsequent customer
cash collections
~US$42 million
Liquidity improved after
quarter-end
ABC Projects
49% interest / ~4.4 EH/s
operating hashrate
West Texas energy-compute
footprint
Nordic hash-to-heat
Project
8MW planned / 2MW in
operation
Sustainable compute
infrastructure use case
Total revenues were US$62.7 million, which was in line with the Company's previous guidance range.
Cryptocurrency treasury expanded to 1,807.60 BTC and 3,951.53 ETH by the end of the first quarter of 2026, with 257 bitcoins produced in the quarter.
Nangeng Zhang, chairman, and chief executive officer of Canaan, commented, "Q1 2026 was a quarter of disciplined execution and strategic positioning for Canaan. Despite bitcoin price volatility, compressed hashprice conditions, elevated energy costs, and weather-related disruptions in North America, we delivered total revenue of US$62.7 million, which was in line with our guidance, completed the final deliveries under a major U.S. customer order, and continued to advance our global mining deployment. Our installed computing power across ten joint-mining projects reached approximately 11 EH/s, up 10.7% sequentially, and we produced 257 bitcoins during the quarter. At the same time, our cryptocurrency treasury reached a record level of 1,807.60 BTC and 3,951.53 ETH as of March 31, 2026."
"We also made important progress in expanding Canaan's energy-compute infrastructure footprint. During the quarter, we acquired a 49% interest in the ABC Projects in West Texas from Cipher Mining, further strengthening our access to large-scale operational power infrastructure, with approximately 4.4 EH/s hashrate in operation at the project level. In parallel, our Nordic hash-to-heat deployment demonstrated another practical use case for our Avalon water-cooling technology by converting computing power into usable heat for local communities. These initiatives reflect our strategy to move closer to power resources, improve deployment flexibility, and build more durable operating advantages across market cycles."
"As energy access and thermal management become increasingly important constraints for high-density computing, we believe Canaan is well-positioned at the intersection of ASIC technology, crypto mining operations, and energy-integrated compute infrastructure. We remain focused on disciplined capital allocation, operational resilience, and long-term value creation for our shareholders."
Jin "James" Cheng, chief financial officer of Canaan, stated, "In Q1 2026, we demonstrated resilient operational execution amid a challenging industry environment. Total revenues reached US$62.7 million, in line with the guidance we provided in February, despite heightened market uncertainty. As we completed the final phase of deliveries under our large-scale North American customer order, machine sales generated US$42.9 million in revenue during the quarter. On the mining side, we generated US$19.1 million in mining revenue despite severe bitcoin price volatility and weather-related curtailments in North America. Although average bitcoin prices and hashprice declined significantly quarter-over-quarter, our bitcoin production experienced a comparatively smaller decrease, reflecting the resilience of our mining operations and continued hashrate deployment. We also maintained relatively stable machine production costs and maintained a competitive all-in power cost of approximately US$0.04/kWh across our mining operations."
"During the quarter, we further strengthened operational efficiency and optimized resource allocation across the organization, resulting in an 11% sequential decline in general and administrative expenses. Exiting the quarter with a relatively lean inventory position following the completion of our landmark order, we gain greater flexibility to navigate near-term market uncertainty. We also maintained solid liquidity at the end of Q1 and subsequently received approximately US$42 million in customer cash collections during Q2. Concurrent with ongoing mining operations and our DAT management, we grew our cryptocurrency treasury to new all-time highs. As we advance our energy-compute integration strategy, our capital allocation priorities remain anchored in operational agility, infrastructure scalability, and the disciplined pursuit of long-term, competitively advantaged energy resources."
[1] Defined as the total number of bitcoins and other cryptocurrencies owned by the Company on its Balance Sheet, including any bitcoins receivable, excluding bitcoins that the Company has received as customer deposits.
First Quarter 2026 Financial Results
Total revenues in the first quarter of 2026 were US$62.7 million, compared to US$196.3 million in the fourth quarter of 2025 and US$82.8 million in the same period of 2025. Total revenues consisted of US$42.9 million in products revenue, US$19.1 million in mining revenue and US$0.7 million in other revenues.
Products revenue in the first quarter of 2026 was US$42.9 million, compared to US$164.9 million in the fourth quarter of 2025 and US$58.3 million in the same period of 2025. The sequential decrease was mainly due to the decreased computing power sold and average selling price, resulting from a tightening of overall market demand led by the decline in bitcoin price. The year-over-year decrease was mainly due to the decreased computing power sold.
Mining revenue in the first quarter of 2026 was US$19.1 million, compared to US$30.4 million in the fourth quarter of 2025 and US$24.3 million in the same period of 2025. The sequential and year-over-year decreases were mainly due to the decrease in the average bitcoin price, partially offset by the increase in energized mining computing power.
Cost of revenues in the first quarter of 2026 was US$85.6 million, compared to US$181.7 million in the fourth quarter of 2025 and US$82.1 million in the same period of 2025.
Products costs in the first quarter of 2026 were US$62.4 million, compared to US$143.6 million in the fourth quarter of 2025 and US$59.2 million in the same period of 2025. The sequential decrease was consistent with the decrease in computing power sold. The year-over-year increase was mainly due to the increase in inventory and prepayment write-down and provision for reserve for inventory purchase commitments accrued. The inventory write-down, prepayment write-down and provision for reserve for inventory purchase commitments accrued for this quarter were US$24.5 million, compared to the inventory write-down, prepayment write-down and provision for reserve for inventory purchase commitments amounting to US$13.9 million for the fourth quarter of 2025 and the inventory write-down of US$2.5 million for the same period of 2025. Products costs consist of direct production costs of mining machines, and indirect costs related to production, as well as inventory write-down, prepayment write-down and provision for reserve for inventory purchase commitments.
Mining costs in the first quarter of 2026 were US$22.7 million, compared to US$37.0 million in the fourth quarter of 2025 and US$22.9 million in the same period of 2025. Mining costs herein consist of direct production costs of mining operations, including electricity and hosting, as well as depreciation of deployed mining machines. The sequential decrease was mainly due to the decrease in depreciation as a result of asset impairment recognized in the prior quarter and the change in estimated useful life of mining equipment beginning in fiscal year 2026. The year-over-year decrease was mainly due to the increase in deployed computing power for the Company's mining operations. The depreciation in this quarter for deployed mining machines was US$5.8 million, compared to US$12.1 million in the fourth quarter of 2025 and US$6.2 million in the same period of 2025.
Gross loss in the first quarter of 2026 was US$22.9 million, compared to a gross profit of US$14.6 million in the fourth quarter of 2025 and a gross profit of US$646 thousand in the same period of 2025.
Total operating expenses in the first quarter of 2026 were US$31.4 million, compared to US$38.2 million in the fourth quarter of 2025 and US$38.3 million in the same period of 2025.
Research and development expenses in the first quarter of 2026 were US$15.4 million, compared to US$11.5 million in the fourth quarter of 2025 and US$18.9 million in the same period of 2025. The sequential increase was mainly due to an increase of US$4.0 million in research and development expenditure. The year-over-year decrease was mainly due to a decrease of US$3.6 million in staff cost, a decrease of US$1.1 million in share-based compensation expenses, partially offset by an increase of US$1.6 million in research and development expenditure. Research and development expenses in the first quarter of 2026 also included share-based compensation expenses of US$0.7 million.
Sales and marketing expenses in the first quarter of 2026 were US$1.2 million, compared to US$1.1 million in the fourth quarter of 2025 and US$2.9 million in the same period of 2025. Sales and marketing expenses remained stable sequentially. The year-over-year decrease was mainly attributable to a decrease of US$1.7 million in staffing cost. Sales and marketing expenses in the first quarter of 2026 also included share-based compensation expenses of US$43 thousand.
General and administrative expenses in the first quarter of 2026 were US$15.0 million, compared to US$16.9 million in the fourth quarter of 2025 and US$16.9 million in the same period of 2025. The sequential decrease was mainly due to a decrease of US$2.1 million in staff cost. The year-over-year decrease was mainly due to a decrease of US$1.5 million in share-based compensation expenses. General and administrative expenses in the first quarter of 2026 also included share-based compensation expenses of US$3.8 million.
Loss from operations in the first quarter of 2026 was US$54.3 million, compared to US$23.6 million in the fourth quarter of 2025 and US$37.6 million in the same period of 2025.
Change in fair value of cryptocurrency and Change in fair value of financial derivatives in the first quarter of 2026 were a loss of US$24.9 million and a loss of US$16.0 million, respectively, compared to a loss of US$21.5 million and a loss of US$22.8 million in the fourth quarter of 2025, and a loss of US$2.3 million and a loss of US$14.1 million in the first quarter of 2025, respectively. The losses were mainly due to the decreased bitcoin price on March 31, 2026, compared to the bitcoin price on December 31, 2025.
Foreign exchange losses, net in the first quarter of 2026 were US$4.0 million, compared to a loss of US$2.9 million in the fourth quarter of 2025 and a gain of US$0.8 million in the same period of 2025, respectively.
Loss before income tax expense in the first quarter of 2026 was US$88.8 million, compared to US$84.2 million in the fourth quarter of 2025 and US$85.7 million in the same period of 2025.
Equity in gains of equity investees in the first quarter of 2026 was US$0.2 million, compared to nil in the fourth quarter of 2025 and nil in the same period of 2025.
Net loss in the first quarter of 2026 was US$88.7 million, compared to US$85.0 million in the fourth quarter of 2025 and US$86.4 million in the same period of 2025.
Non-GAAP adjusted EBITDA in the first quarter of 2026 was a loss of US$76.3 million, as compared to a loss of US$40.5 million in the fourth quarter of 2025 and a loss of US$38.1 million in the same period of 2025. For further information, please refer to "Use of Non-GAAP Financial Measures" in this press release.
Foreign currency translation adjustment, net of nil tax, in the first quarter of 2026 was a gain of US$5.2 million, compared to a gain of US$1.1 million in the fourth quarter of 2025 and a loss of US$1.1 million in the same period of 2025, respectively.
Basic and diluted net loss per American depositary share ("ADS") in the first quarter of 2026 were US$0.13. In comparison, basic and diluted net loss per ADS in the fourth quarter of 2025 were US$0.13, while basic and diluted net loss per ADS in the same period of 2025 were US$0.27. Each ADS represents 15 of the Company's Class A ordinary shares.
As of March 31, 2026, the Company held Cryptocurrency assets with a fair value of US$66.2 million and Cryptocurrency receivable with an aggregate fair value of US$67.0 million, respectively. Cryptocurrency assets primarily consist of 802.6 bitcoins owned by the Company and 63.4 bitcoins received as customer deposits. Cryptocurrency receivable consists of 905.0 bitcoins pledged for secured term loans and 100.0 bitcoins transferred to a fixed-term product. The classification of cryptocurrency receivable as current assets is consistent with the corresponding secured term loans. As of March 31, 2026, the Company held a total of 1,871.0 bitcoins.
As of March 31, 2026, the Company had cash of US$43.5 million, compared to US$80.8 million as of December 31, 2025. The Company has subsequently received approximately US$42 million in customer cash collections in April 2026.
Accounts receivable, net as of March 31, 2026, were US$51.6 million, compared to US$19.3 million as of December 31, 2025. Accounts receivable were mainly due to an installment policy implemented for some major customers who meet certain conditions. The Company subsequently collected approximately US$42 million in cash from Accounts receivable in April 2026.
Investment in equity investees as of March 31, 2026, was US$14.1 million. The Company uses the equity method of accounting to account for its 49% equity interest in Alborz LLC, Bear LLC, and Chief Mountain LLC (collectively, the "ABC Projects"). Please refer to "Recent Developments - Acquired Cipher Mining's 49% Interest in ABC Projects Totaling ~4.4 EH/s in West Texas".
ADSs Outstanding
As of March 31, 2026, the Company had a total of 690,594,191 ADSs outstanding, each representing 15 of the Company's Class A ordinary shares.
Recent Developments
Secured Nordic Hash-to-Heat Project
On May 19, 2026, Canaan Inc. announced that it had been selected through a competitive bid process to provide hash-to-heat infrastructure for a district heating network in the Nordic region. The project utilizes the Company's Avalon A1566HA hydro-cooled mining units with a total planned deployment capacity of approximately 8 MW. Approximately 2 MW of capacity is currently operating in the region and supplying hot water to local residents, and based on the successful initial deployment, the customer placed a follow-on order in March 2026 for an additional 6 MW of capacity. The Company believes the project further validates its capabilities in hydro-cooling, thermal management and energy-integrated compute infrastructure, while demonstrating the potential for scalable "hash-to-heat" applications in next-generation sustainable energy systems.
Acquired Cipher Mining's 49% Interest in ABC Projects Totaling ~4.4 EH/s in West Texas
On February 19, 2026, the Company acquired Cipher Mining Inc.'s (NASDAQ: CIFR) ("Cipher") 49% equity interest in ABC Projects in West Texas, totaling approximately 4.4 EH/s of operational hashrate capacity. The transaction was completed through a non-cash equity issuance, making Cipher a significant shareholder of the Company. The transaction also includes the purchase of 6,840 Avalon® A15Pro mining machines, which further expands the Company's self-mining scale and U.S. power infrastructure footprint. The ABC Projects bring significant experience in demand response and energy arbitrage within the Electrical Reliability Council of Texas ("ERCOT") grid, reinforcing the Company's strategy to enhance grid stabilization and operational flexibility amid rising data center demand.
The Share Repurchase Program
On December 17, 2025, the Company announced that its board of directors approved the renewal of a share repurchase program authorizing the buyback of up to US$30 million worth of its outstanding ADSs, or Class A ordinary shares, over the next 12 months starting December 12, 2025. Repurchases may be conducted through open-market, privately negotiated transactions, block trades, or any combination thereof, subject to market conditions and regulatory requirements.
As of May 19, 2026, the Company had repurchased approximately 2.8 million ADSs in a total consideration of US$2.0 million under the program.
Business Outlook
For the second quarter of 2026, the Company expects total revenues to be in the range of US$35 million to US$45 million, reflecting the near-term market conditions and evolving customer dynamics, which are subject to change.
The Company will continue to closely monitor the global policy environment and market developments, and may revise or update its outlook as appropriate, based on future clarity and business visibility.
Conference Call Information
The Company's management team will hold a conference call at 8:00 A.M. U.S. Eastern Time on May 19, 2026 (or 8:00 P.M. Singapore Time on the same day) to discuss the financial results. Details for the conference call are as follows:
All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.
A live and archived webcast of the conference call will be available at the Company's investor relations website at investor.canaan-creative.com.
About Canaan Inc.
Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
In evaluating Canaan's business, the Company uses non-GAAP measures, such as adjusted EBITDA, as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as net loss excluding income tax (benefit) expenses, interest income, interest expense, depreciation and amortization expenses, share-based compensation expenses, impairment on property, equipment and software, change in fair value of financial instruments other than derivatives and excess of fair value of convertible preferred shares. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted EBITDA is that it does not reflect all of the items of income and expense that affect the Company's operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.
Investor Relations Contact
Canaan Inc.
Xi Zhang
Email: [email protected]
Christensen Advisory
Christian Arnell
Email: [email protected]
(all amounts in thousands, except share and per share data, or as otherwise noted)
As of December 31,
As of March 31,
2025
2026
USD
USD
ASSETS
Current assets:
Cash
80,778
43,451
Accounts receivable, net
19,290
51,560
Inventories
180,816
139,078
Prepayments and other current assets
99,707
94,808
Cryptocurrency receivable, current
52,699
27,004
Total current assets
433,290
355,901
Non-current assets:
Cryptocurrency
83,339
66,236
Cryptocurrency receivable, non-current
35,133
40,006
Investment in equity investees
-
14,056
Property, equipment and software, net
44,028
51,037
Intangible asset
689
636
Operating lease right-of-use assets
2,880
2,492
Deferred tax assets
191
194
Other non-current assets
489
496
Non-current financial investment
2,845
1,000
Total non-current assets
169,594
176,153
Total assets
602,884
532,054
LIABILITIES, AND SHAREHOLDERS'
EQUITY
Current liabilities
Current portion of long-term loans
28,515
21,140
Accounts payable
25,600
20,417
Contract liabilities
9,317
7,739
Income tax payable
11,403
11,591
Accrued liabilities and other current
liabilities
54,548
44,131
Operating lease liabilities, current
1,706
1,397
Total current liabilities
131,089
106,415
Non-current liabilities:
Long-term loans
23,731
33,373
Operating lease liabilities, non-current
948
642
Deferred tax liability
117
108
Other non-current liabilities
9,631
9,585
Total liabilities
165,516
150,123
Shareholders' equity:
Class A Ordinary shares (US$0.00000005
par value; 999,643,050,556 authorized,
10,431,482,973 and 11,237,922,873 shares
issued, 9,703,445,043 and 10,522,925,163
shares outstanding as of December 31, 2025
and March 31, 2026, respectively)
1
1
Class B Ordinary shares (US$0.00000005
par value; 356,624,444 shares authorized,
311,624,444 shares issued and outstanding
as of December 31, 2025 and March 31, 2026)
-
-
Treasury stocks (US$0.00000005 par value;
366,981,615 and 376,884,825 shares as of
December 31, 2025 and March 31, 2026,
respectively)
(37,172)
(34,566)
Additional paid-in capital
1,177,057
1,202,580
Statutory reserves
14,892
14,892
Accumulated other comprehensive loss
(56,653)
(51,471)
Accumulated deficit
(660,757)
(749,505)
Total shareholders' equity
437,368
381,931
Total liabilities and shareholders' equity
602,884
532,054
CANAAN INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(all amounts in thousands of USD, except share and per share data, or as otherwise noted)
For the Three Months Ended
March 31,
2025
December 31,
2025
March 31,
2026
USD
USD
USD
Revenues
Products revenue
58,322
164,929
42,863
Mining revenue
24,254
30,358
19,124
Other revenues
200
987
706
Total revenues
82,776
196,274
62,693
Cost of revenues
Product cost
(59,190)
(143,562)
(62,365)
Mining cost
(22,940)
(37,020)
(22,677)
Other cost
-
(1,109)
(557)
Total cost of revenues
(82,130)
(181,691)
(85,599)
Gross profit (loss)
646
14,583
(22,906)
Operating expenses:
Research and development expenses
(18,947)
(11,456)
(15,390)
Sales and marketing expenses
(2,936)
(1,103)
(1,195)
General and administrative expenses
(16,908)
(16,868)
(15,020)
Impairment on property and equipment
-
(8,973)
-
Gain on disposal of property, equipment
and software
516
197
197
Total operating expenses
(38,275)
(38,203)
(31,408)
Loss from operations
(37,629)
(23,620)
(54,314)
Interest income
57
39
150
Interest expense
(351)
(827)
(929)
Change in fair value of cryptocurrency
(2,264)
(21,457)
(24,913)
Change in fair value of financial
instruments other than derivatives
(4,392)
(15,249)
-
Change in fair value of financial
derivatives
(14,055)
(22,799)
(15,974)
Excess of fair value of convertible
preferred shares
(28,179)
-
-
Foreign exchange gains (losses), net
835
(2,890)
(3,997)
Other income, net
252
2,573
11,198
Loss before income tax expenses
(85,726)
(84,230)
(88,779)
Income tax expense
(705)
(805)
(190)
Equity in gains of equity investees
-
-
221
Net loss
(86,431)
(85,035)
(88,748)
Foreign currency translation adjustment,
net of nil tax
(1,057)
1,133
5,182
Total comprehensive loss
(87,488)
(83,902)
(83,566)
Weighted average number of shares
used in per share calculation:
— Basic
4,817,919,054
9,517,488,550
10,371,318,890
— Diluted
4,817,919,054
9,517,488,550
10,371,318,890
Net loss per share (cent per share)
— Basic
(1.79)
(0.89)
(0.86)
— Diluted
(1.79)
(0.89)
(0.86)
Share-based compensation expenses
were included in:
Cost of revenues
76
92
89
Research and development expenses
1,770
535
668
Sales and marketing expenses
53
67
43
General and administrative expenses
5,316
3,586
3,815
The table below sets forth a reconciliation of net loss to non-GAAP adjusted EBITDA for the period indicated:
For the Three Months Ended
March 31,
2025
December 31,
2025
March 31,
2026
USD
USD
USD
Net loss
(86,431)
(85,035)
(88,748)
Income tax expense
705
805
190
Interest income
(57)
(39)
(150)
Interest expense
351
827
929
EBIT
(85,432)
(83,442)
(87,779)
Depreciation and amortization expenses
7,513
14,424
6,816
EBITDA
(77,919)
(69,018)
(80,963)
Share-based compensation expenses
7,215
4,280
4,615
Impairment on property, equipment and
software
-
8,973
-
Change in fair value of financial
instruments other than derivatives
4,392
15,249
-
Excess of fair value of convertible
preferred shares
With megacap AI software names trading at triple-digit cash-flow multiples, value-oriented investors are quietly rotating into the physical layer of the buildout: power, land, and data center capacity.
Cipher Digital stock is among today’s top performers. Why is CIFR stock surging? The Trend Is Up, But The Distance From The Averages Cuts Both WaysOn a longer timeframe, Cipher still looks firmly bullish. The stock is trading 7.1% above its 20‑day SMA at $19.44, 22.2% above its 50‑day SMA at $17.03 and 35.5% above its 200‑day SMA at $15.36. That kind of separation usually signals a strong uptrend, but it can also work against traders if momentum cools and crowded entries start unwinding at the same time.
Structurally, the trend remains constructive. The 20‑day SMA sits above the 50‑day SMA, and the golden cross that formed in July 2025 when the 50‑day SMA moved above the 200‑day SMA continues to support the longer‑term bias. The last major upside shift also aligned with the breakout above resistance in November 2025, which eventually led to the stock's 52‑week high later that month.
The market has already shown it is willing to revalue the name when the setup turns, which is why traders keep one eye on the trend and the other on where the next stall might appear.
For now, the near‑term ceiling is clear. Key resistance sits at $22.50, a level where rebounds can pause before any attempt to revisit the 52‑week high zone. Momentum is the more interesting tell.
RSI Says Orderly, Not EuphoricRSI is sitting at 52.51, which is neutral. That matters because it shows Cipher is strong without being stretched. The stock is elevated relative to its moving averages, but it is not flashing the kind of overheated reading that forces traders to fade every uptick. For trend followers, that combination often marks the sweet spot: enough strength to keep buyers engaged, but not so much froth that the move becomes fragile.
Why Cipher Rallied Earlier This WeekCipher spent the previous session climbing after a run of upbeat analyst calls and growing interest in its high-performance computing and AI data center strategy. Morgan Stanley boosted its price target from $40.50 to $42.50 while keeping an overweight rating. Needham raised its target from $22 to $25, and Jefferies began coverage with a buy rating and a $32 target
The company has also been highlighting progress on that front. In its May update, Cipher said it secured a third AI data center campus lease with an investment grade hyperscale tenant. The firm now has 907 megawatts of operating and contracted capacity and a roughly 3.3 gigawatt pipeline, including 700 megawatts tied to high performance computing contracts worth more than $11.4 billion in committed revenue.
Rising short interest added another layer of momentum, with 16.69% of the float sold short and 2.39 days to cover, creating conditions where rallies can accelerate quickly.
CIFR Shares Are SoaringCIFR Price Action: Cipher shares were up 9.09% at $21.26 at the time of publication on Thursday, according to Benzinga Pro.
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Cipher Digital's long-term hyperscale leases and $11.4B in contracted revenues give it an edge over IREN Limited as AI infrastructure demand accelerates.
Megacap tech is wobbling, and money is looking for somewhere cheaper to land. With NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) pushing eye-watering multiples and software names trading like the AI build-out is already finished, the smarter rotation is happening one layer down the stack: the physical power and data center capacity that every hyperscaler is fighting over. Stocks under $30 that own that bottleneck are suddenly the most interesting trade in the room, because they offer real contracted cash flow at a fraction of the price tag of the chip kings.
With that backdrop, here is one stock trading under $30 that fits the institutional rotation into picks-and-shovels AI infrastructure.
Cipher Mining (NASDAQ: CIFR) Cipher Mining (NASDAQ:CIFR), now operating as Cipher Digital, develops industrial-scale data centers leased to hyperscalers for high-performance computing workloads, after pivoting away from its bitcoin mining roots.
Shares closed at $23.02 on May 26, 2026, comfortably under the $30 ceiling and up 55.96% year to date and 563.4% over the past year. For a retail investor, that is still a sub-$25 entry into a company with a $9.4 billion market cap and roughly 409 million shares outstanding, which is rare in pure-play AI infrastructure.
The fundamentals tell a transition story. Q4 2025 revenue came in at $59.71 million, missing the $85.46 million consensus but still rising 41.4% year over year, with adjusted EPS of -$0.14. Full year 2025 EPS landed at -$2.15, swollen by a $410.27 million warrant liability swing. Wall Street is looking past the noise: the average analyst target sits at $30.53, with 5 strong buys and 9 buys and zero sell ratings, while forward earnings carry a 85x multiple.
The bull case is straightforward. Cipher has roughly $11.4 billion in contracted revenue across three signed data center campus leases, anchored by a 15-year, 300 MW deal with Amazon Web Services at Black Pearl and a 10-year, 300 MW lease with Fluidstack and Google at Barber Lake. Management expects $787 million in average annualized net operating income once the leases turn on, with both sites targeting October 2026 energization. Behind that sits a 3.3 gigawatt development pipeline and $3.73 billion of completed bond financing, including a Black Pearl offering that was 6.5x oversubscribed. CEO Tyler Page framed it bluntly on the Q1 call: “We are no longer an aspirational HPC developer. We are a company with signed contracts, billions of capital raised, and multiple data center construction projects progressing toward completion.”
The risks are real. Total liabilities ballooned to $3.46 billion from bond financings, the accumulated deficit hit $1.0 billion, and debt to equity stands at 3.44. Tenant concentration is heavy on AWS and Google, and the Odessa mining PPA expires in July 2027. Insider activity has also been one-directional: CEO Page sold 400,000 shares on May 12, and COO Patrick Kelly sold 48,000 shares at $19.36 the same day. That said, institutional flows have moved the other way, with Vanguard lifting its stake by 43.2% in Q4 to over 32.6 million shares. None of this kills the thesis, but it does argue for sizing positions thoughtfully.
For investors hunting a discounted entry into the power-and-data-center layer of AI rather than overpaying for chips or software, Cipher looks like one of the cleanest under-$30 pure plays available.
Share price under $30 is never, on its own, a reason to buy anything. Cipher carries real construction execution risk, heavy leverage, and a still-raw transition from miner to landlord. Do your own work, read the filings, and weigh the contracted cash flow story against the balance sheet before deciding whether the rotation thesis fits your portfolio.
The AI buildout has a power problem. Hyperscalers are racing to deploy GPUs, but the U.S. grid is short on megawatts, and operators with energized land and signed interconnect agreements have become the chokepoint nobody wants to talk about. The Energy Information Administration’s latest outlook flags data center growth concentrated in the West South Central region (Texas) as a primary driver of commercial electricity demand, and the industry consensus is that the U.S. needs 50+ gigawatts of additional electric capacity for AI by 2028. Stocks under $30 with direct exposure to that gap are worth a hard look right now.
With that in mind, here is one stock trading under $30 that analysts believe is positioned to capitalize on the looming power shortage, even as most AI investors keep chasing the obvious chip names.
Cipher Digital (NASDAQ:CIFR) Cipher Digital (NASDAQ:CIFR), recently rebranded from Cipher Mining, is a former bitcoin miner that has pivoted into a developer and operator of high-performance computing data centers powering hyperscaler AI workloads.
Shares closed at $24.59 on May 28, 2026, just under the recent 52-week high of $25.56. For a retail investor, that price tag still buys exposure to a company with a $10.07 billion market cap and a backlog that dwarfs current revenue. The stock is up 66.6% year to date and 634% over the past year, yet Reddit chatter remains concentrated in a single r/wallstreetbets thread with consistently “low” activity. That is the textbook definition of overlooked.
Fundamentals are messy on the surface and powerful underneath. Cipher booked Q4 2025 revenue of $59.71 million, missing the $85.46 million consensus by 30.13%, and reported a GAAP net loss of $734.2 million driven largely by a $410.27 million non-cash warrant liability swing. Adjusted EPS came in at -$0.14. The real story sits in the contract book: a 15-year, 300 MW lease with Amazon Web Services at Black Pearl worth roughly $5.5 billion at a ~100% NOI margin, plus a 10-year, 300 MW Fluidstack lease backstopped by Google at Barber Lake worth roughly $3.8 billion. Combined, that is $9.3 billion in contracted HPC revenue and ~$669 million in average annualized NOI.
Wall Street has noticed. The analyst consensus target sits at $30.53, with 14 buy or strong-buy ratings and zero sells. Morgan Stanley carries a $40.50 target, Jefferies upgraded to strong-buy, and Keefe, Bruyette & Woods raised to $27 with an outperform rating.
The bull case is straightforward. Both Black Pearl and Barber Lake are targeting October 2026 energization, flipping Cipher from a cash-burning developer into a contracted-revenue infrastructure operator almost overnight. Behind those two sites sits a 3.2 GW pipeline across six additional projects, and bond offerings funding construction were roughly 6.5x oversubscribed, a clear signal that credit markets believe the lease economics. CEO Tyler Page told investors “2026 is a year of execution for Cipher as we fully transition the business into a leading infrastructure platform”.
The risk that cuts against the thesis: leverage and concentration. Total liabilities ballooned to $3.46 billion from $173 million a year earlier on high-yield bond issuance, the accumulated deficit hit $1.0 billion, and revenue depends on two tenants. Any construction slip at Black Pearl or Barber Lake hits the stock hard. Insider activity is also mixed, with the CEO and COO consistently disposing of shares from March through May 2026.
Even so, with $9.3 billion in contracted revenue against a $10 billion market cap and energization months away, Cipher Digital is one of the cleanest sub-$30 ways to play the AI power gap.
A low share price alone is never a reason to buy or avoid a stock. Cipher carries real execution risk, heavy debt, and a balance sheet that can swing violently on non-cash charges. Do your own research, weigh the dilution and tenant-concentration risks against the contracted backlog, and size any position accordingly.
NEW YORK, June 08, 2026 (GLOBE NEWSWIRE) -- Cipher Digital Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) a leading developer, owner, and operator of industrial-scale data centers, today announced that its wholly-owned subsidiary, Stingray Compute LLC (the “Issuer”), intends to offer, subject to market conditions and other factors, $810.0 million aggregate principal amount of senior secured notes due 2031 (the “Notes”), in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to non-U.S. persons outside of the United States pursuant to Regulation S under the Securities Act.
NEW YORK, June 08, 2026 (GLOBE NEWSWIRE) -- Cipher Digital Inc. (NASDAQ: CIFR) ("Cipher" or the "Company") a leading developer, owner, and operator of industrial-scale data centers, today announced that its wholly-owned subsidiary, Stingray Compute LLC (the "Issuer"), has priced a $810.
Cipher Digital Inc (NASDAQ:CIFR) plans to raise $810 million through a private offering of senior secured notes due 2031, issued by a subsidiary, to back its data center operations.
The notes will be offered by Stingray Compute LLC, a wholly owned subsidiary of Cipher, to qualified institutional buyers under Rule 144A and to investors outside the United States under Regulation S of the Securities Act, the New York-based company said.
Issuing the debt through a subsidiary and securing it against assets concentrates the borrowing around Cipher's data center infrastructure rather than the parent company. Senior secured notes due 2031 would give the company a fixed, multi-year source of funding, with the coupon and final size to be set when the notes price based on investor demand.
The raise underscores the capital required to build and run industrial-scale data centers, which has drawn operators in the sector to the debt market to fund construction.
Cipher Digital describes itself as a developer, owner and operator of industrial-scale data centers. The company said the timing and completion of the notes offering remain subject to market conditions.
Cipher Digital Inc (NASDAQ:CIFR) plans to raise $810 million through a private offering of senior secured notes due 2031, issued by a subsidiary, to back its data center operations.
The notes will be offered by Stingray Compute LLC, a wholly owned subsidiary of Cipher, to qualified institutional buyers under Rule 144A and to investors outside the United States under Regulation S of the Securities Act, the New York-based company said.
Issuing the debt through a subsidiary and securing it against assets concentrates the borrowing around Cipher's data center infrastructure rather than the parent company. Senior secured notes due 2031 would give the company a fixed, multi-year source of funding, with the coupon and final size to be set when the notes price based on investor demand.
The raise underscores the capital required to build and run industrial-scale data centers, which has drawn operators in the sector to the debt market to fund construction.
Cipher Digital describes itself as a developer, owner and operator of industrial-scale data centers. The company said the timing and completion of the notes offering remain subject to market conditions.
When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?
