Core Insights - Cipher Mining Inc. and CleanSpark Inc. received upgrades from JPMorgan following a refreshed outlook on Bitcoin miners and adjustments to price targets for legacy operators [1][4][6] Group 1: Market Outlook - JPMorgan analysts noted a significant shift towards high-power computing (HPC) among miners, with over 600 megawatts of AI-related deals signed since late September [2] - The bank anticipates miners will announce approximately 1.7 gigawatts of additional critical-IT capacity by late 2026, which would represent about 35% of their approved power footprint [2][3] Group 2: Cipher Mining Inc. - Cipher Mining was upgraded to Overweight from Neutral, with its price target raised to $18 from $12, attributed to recent 410-megawatt HPC contracts and a 45% pullback in share price [4] - The company is expected to secure around 480 megawatts of critical-IT capacity by 2026, equating to roughly 64% of its approved footprint [4][5] - Long-duration sites planned for 2028-2029 could enhance valuations if the company successfully transitions to full HPC [5] Group 3: CleanSpark Inc. - CleanSpark was also upgraded to Overweight, with a reiterated price target of $14, supported by the potential of its new 285-megawatt Texas site, which is assigned roughly 200 megawatts of critical-IT capacity [6][7] - The capacity at the Texas site is valued at about $13 million per megawatt, reflecting a stronger revenue profile from high-density IT loads [6] Group 4: Other Companies - IREN Limited's price target was increased to $39 from $28 following a $9.7 billion cloud-capacity deal, with an expected 660 megawatts of contracted critical-IT load by 2026 [8][9] - Price targets for MARA Holdings Inc. and Riot Platforms Inc. were cut due to falling Bitcoin prices and rising network hashrate, with MARA's target reduced to $13 from $20 and Riot's to $17 from $19 [10][11]

Core Insights - The Bitcoin mining sector is facing significant valuation distortions due to inaccurate diluted share counts, which are underreported by 20%–33% for key companies, leading to an understatement of their combined market cap by approximately $8 billion [2][4]. Group 1: Valuation Discrepancies - JPMorgan's analysis indicates that the diluted share counts for Cipher Mining Inc and CleanSpark Inc have increased by about 20%, while Riot Platforms Inc and Marathon Digital Holdings Inc have seen increases of over 30% due to various stock issuances [4][6]. - The reliance on Bloomberg's diluted share counts as a reference point for market cap and enterprise value calculations results in investors undervaluing these companies [4][6]. Group 2: Sector Dynamics - The Bitcoin mining sector is bifurcating, with Cipher and CleanSpark benefiting from multi-year high-performance computing contracts and new data center capacities, which are becoming more valuable than Bitcoin mining itself [5]. - Conversely, Riot and Marathon, as the largest holders of Bitcoin, are experiencing reduced price targets due to deteriorating Bitcoin economics and increasing share counts [6]. Group 3: Implications for Investors - The inaccuracies in share counts lead to flawed financial ratios and valuation comparisons, which are critical for identifying genuine investment opportunities in a sector undergoing a significant business model transition towards AI-driven HPC revenue [7].

Core Insights - JPMorgan upgraded Bitcoin miners Cipher Mining and CleanSpark to Overweight due to increased confidence in miners' colocation strategies driven by high-performance computing agreements [1][3] Group 1: Valuation Changes - A megawatt of critical IT colocation capacity is now valued between $8 million to $17 million, up from $4 million to $9 million [2] - A megawatt of critical IT cloud capacity could be worth as much as $19 million, compared to $12 million previously [2] - Cipher received a new price target of $18 for December 2026, up from $12, while CleanSpark's target remains at $14 [3] Group 2: Capacity Projections - Cipher could reach about 480 MW of critical IT capacity by 2026, reflecting 64 percent of its approved power portfolio [4] - CleanSpark's outlook includes assumptions for a colocation contract at its 285 MW site in Texas by late 2026 [4] - JPMorgan assigned a blended valuation of $14 million per MW for Cipher and $13 million per MW for CleanSpark [4] Group 3: Other Company Targets - IREN's price target was raised to $39 from $28, while Riot Platforms' target was lowered to $17 from $19 and MARA Holdings' target to $13 from $20 [5] - IREN's target is based on a critical IT valuation of $17 million per MW and an assumed 660 MW of HPC load by 2026 [5] Group 4: Share Count Adjustments - JPMorgan's diluted share-count estimates are 20 percent to 33 percent higher than Bloomberg figures due to factors like at-the-market issuance programs and convertible-note dilution [6] - Cipher's diluted share count was revised to 480 million, and CleanSpark's estimate rose to 334 million [7] - Combined diluted market capitalizations for Cipher, CleanSpark, IREN, Riot, and MARA were about $8 billion higher than indicated using Bloomberg share-count data [7] Group 5: Market Conditions - Bitcoin's decline of about 17 percent since the last update led to revisions in mining-related assumptions [8] - The updated baseline network hashrate is now 1,080 EH/s, with daily revenue per EH/s at $39,600 [8] - Mining businesses were valued using a range of $1 million to $2 million per MW based on cost structures and expected post-halving margins [8]

Group 1 - Bitcoin's price peaked at just above $88,000 over the weekend, rebounding from around $80,000 earlier on Friday, but showed signs of stalling by Monday [1] - JPMorgan updated its views on several bitcoin miners, including upgrades for Cipher Mining (CIFR) and CleanSpark (CLSK) [1] - Bitcoin's recent performance has been affected by liquidations and ETF outflows, contributing to a worsening crypto retreat [2] Group 2 - Bitcoin miners are expanding their operations, with Cipher Mining increasing its high-performance computing (HPC) and AI deal with Fluidstack and Google [4] - The stock market rally remains uneven, but Nvidia's earnings have boosted optimism in the tech sector [4] - Cipher Mining's composite rating has climbed to 98, indicating strong performance in the market [4]

Core Viewpoint - JPMorgan is enhancing its outlook on U.S.-listed bitcoin miners due to a shift towards high-performance computing (HPC) deals, which are expected to provide long-term revenue clarity [1][3]. Company Summaries - Cipher Mining (CIFR) has been upgraded to overweight from neutral, with a price target increase from $12 to $18, reflecting a 4.2% rise in early trading to $14.74 [1]. - CleanSpark (CLSK) was also upgraded to overweight from neutral, with shares rising 4.6% in pre-market trading to $10.18 [1]. - IREN's price target was raised to $39 from $28, while maintaining an underweight rating; shares increased by 2.2% to $43.20 [2]. - MARA Holdings (MARA) and Riot Platforms (RIOT) saw their price targets reduced due to lower bitcoin prices, with MARA's target cut to $13 from $20 and RIOT's to $17 from $19; MARA shares rose 2.8% to $10.35 and RIOT gained 1.8% to $12.94 [2]. Industry Insights - JPMorgan noted over $19 billion in contracted revenue across 600 megawatts (MW) of IT capacity signed by IREN and Cipher, indicating a shift from bitcoin-only operations to hybrid HPC models [3]. - The bank anticipates approximately 1.7 gigawatts (GW) of critical IT capacity across its coverage by late 2026, primarily driven by IREN and Cipher [3]. - Cipher's recent 45% pullback from highs presents a strong entry point, supported by 600 MW of contracted capacity with major clients like AWS and Fluidstack [4]. - CleanSpark's upgrade reflects around 200 MW of potential HPC capacity at its new Texas site [4]. - The analysts have assigned higher equity values per megawatt, estimating $8 million to $17 million for colocation and up to $19 million for integrated cloud services, influenced by lower discount rates and improved cash-flow visibility [4]. - Riot and CleanSpark exhibit significant upside potential under a full HPC conversion, while Cipher retains the largest long-term optionality when considering unapproved future capacity [5].

Core Insights - The article discusses the transition of former bitcoin miners, including Cipher Mining, Riot Platforms, and IREN, towards high-performance computing (HPC) and AI services, highlighting the potential for significant revenue growth in this sector [2][5][19]. Cipher Mining - Cipher Mining operates five data centers in Texas, with plans to shift focus from bitcoin mining to HPC, aiming to leverage existing infrastructure for AI workloads [1][8]. - The company has a development pipeline of 3.2 gigawatts and announced a new 1-gigawatt site in West Texas, primarily financed by Cipher, to focus on HPC [6][7]. - Cipher's recent lease agreement with AWS is valued at approximately $5.5 billion, providing 300 megawatts of power capacity for AI workloads starting in August next year [8]. - In Q3 2025, Cipher generated $71.7 million in revenue, nearly tripling from Q3 2024, although it fell short of expectations [9]. - Analyst Greg Miller projects Cipher's stock could exceed $90 per share if it successfully executes its HPC strategy, with a current price target of $30 indicating a potential upside of 106% [10][11]. Riot Platforms - Riot Platforms has over 1 gigawatt of operational data center capacity and is expanding its Corsicana facility by an additional 600 megawatts [12][14]. - The company reported a record revenue of $180.2 million in Q3 2025, up 112% year-over-year, with a net income of $104.5 million [15]. - Miller notes Riot's capacity is well-positioned for the HPC market, and he sets a price target of $25, suggesting an 87% potential gain [16]. IREN, Ltd. - IREN operates four data centers, with a significant focus on renewable energy, and has shifted its business model from bitcoin mining to AI cloud services [17][19]. - The company secured a multi-year GPU cloud service contract with Microsoft valued at $9.7 billion, alongside a $5.8 billion deal with Dell for hardware [19][20]. - IREN's fiscal 1Q26 report showed a record revenue of $240.3 million, a 355% increase from the previous year, and a net income turnaround from a loss to a profit of $384.6 million [21]. - Analyst Miller believes IREN's strategy could lead to a valuation of over $280 per share in the long term, with a current price target of $80 indicating an 84% upside [23].

Core Viewpoint - Cipher Mining Inc. is positioned as a strong long-term investment in the cryptocurrency sector, bolstered by significant agreements and financial backing, particularly in high-performance computing and AI hosting [1][2][3]. Group 1: Strategic Agreements and Financial Backing - Cipher Mining has secured a 10-year AI-hosting agreement with Fluidstack valued at approximately $830 million, with potential total contracted revenue reaching about $2 billion and overall partnership value around $9 billion [1]. - Google has provided a lease guarantee of $333 million, increasing its total backing to approximately $1.73 billion [1]. - The company completed a private offering of $1.4 billion in senior secured notes, enhancing its financial capacity to support the construction of its Barber Lake facility [4]. Group 2: Operational and Financial Projections - Cipher plans to finance the construction of its Barber Lake facility through project debt and $118 million in equity, with expected construction costs between $9 million and $10 million per megawatt and anticipated margins of 85% to 90% [2]. - The company operates Bitcoin mining facilities while expanding into high-performance computing, focusing on sustainable and efficient energy use [5]. Group 3: Market Position and Analyst Ratings - Citizens initiated coverage of Cipher Mining with a Market Outperform rating and a price target of $30, highlighting the company's strategic shift from pure bitcoin mining to leveraging its 3.8-gigawatt power pipeline in Texas [3]. - Analyst Greg Miller noted that Cipher's buildout plans for 2026 position it uniquely in the high-performance computing market, potentially allowing it to compete with major projects and establish itself as a significant data-center operator [3].

Key Takeaways Cipher Mining grew capacity to 477 megawatts in Q3 2025, surpassing its hash rate projections. Black Pearl's first 150 megawatts mined 10.1 exahash per second, driving 36% of quarterly output. Odessa delivered 56% of production as the total self-mining hash rate reached about 23.6 exahash. Cipher Mining (CIFR) is benefiting from growth of its Bitcoin mining portfolio. In the third quarter of 2025, CIFR increased its mining capacity from 423 megawatts to 477 megawatts across its five mining sit ...

Core Insights - Cipher Mining's contracted AI hosting revenue has surpassed its entire market value, indicating strong growth potential in the AI infrastructure sector [1] Group 1: Company Overview - Cipher Mining (CIFR) is positioned favorably within the AI infrastructure investment landscape, with its revenue metrics suggesting a significant undervaluation [1] Group 2: Financial Metrics - The company's contracted AI hosting revenue now exceeds its market value, highlighting a potential investment opportunity for stakeholders [1]

NEW YORK, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”), a leading owner, developer and operator of industrial-scale data centers, today announced that its wholly-owned subsidiary, Cipher Compute LLC (the “Issuer”), has priced $333.0 million aggregate principal amount of additional 7.125% senior secured notes due 2030 (the “Additional Notes”), in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A un ...