Signs New 15-Year Data Center Campus Lease with Hyperscale Tenant Secures Revolving Credit Facility of Up To $200 Million Supported by Syndicate of Leading Global Financial Institutions NEW YORK, March 25, 2026 (GLOBE NEWSWIRE) -- Cipher Digital Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”), a leading developer, owner, and operator of industrial-scale data centers, is pleased to provide the following business updates: New Data Center Campus Lease Cipher today announces the execution of its third data cente ...

Core Insights - Core Scientific reported Q4 2025 total revenue of $79.8 million, a decrease from $94.9 million in the previous year, missing revenue forecasts of $122.076 million [1][4] - Colocation revenue surged by 268%, reaching $31.3 million, up from $8.5 million in Q4 2024 [1][4] - Digital asset self-mining revenue fell to $42.2 million, attributed to a 57% decline in BTC mined [4] Financial Performance - Gross profit increased to $20.8 million from $4.8 million in 2024 [4] - The company reported a negative Non-GAAP adjusted EBITDA of $42.7 million [4] - Loss per share was $0.42, significantly higher than the expected loss of $0.08 [1][4] Liquidity and Strategic Focus - Liquidity at year-end stood at $533.4 million, consisting of $311.4 million in cash and cash equivalents and $222 million in BTC holdings [4] - The company is transitioning from self-mining to offering hosting and colocation services, with a focus on scaling its colocation platform to a 1.5-gigawatt pipeline of leasable capacity [4] - CEO Adam Sullivan emphasized the company's commitment to accelerating timelines and positioning for sustainable growth [4]

Financing and Capital Structure - Black Pearl completed a $2.0 billion offering of five-year senior secured notes at 6.125%, significantly oversubscribed with about $13 billion in orders, fully funding the project through substantial completion [1] - Barber Lake raised $1.4 billion in November through five-year senior secured notes priced at 7.125%, followed by a $333 million "tack-on," bringing total project debt to $1.73 billion [2] - The company broadened its access to capital, focusing on fixed-rate, non-recourse, project-level financing to reduce reliance on near-term capital markets and protect corporate liquidity [3] Strategic Shift and Business Model - The company is transitioning from Bitcoin mining to a digital infrastructure company focused on hyperscale computing, rebranding as Cipher Digital [5] - Cipher Mining outlined a strategic shift to build and operate hyperscale data center infrastructure for high-performance computing workloads [6] - The company is repositioning away from Bitcoin mining, selling its 49% interests in three joint venture sites to simplify its structure while retaining capital-light exposure to potential mining upside [10] Project Updates and Operations - Barber Lake construction is progressing well, on schedule for early access and substantial completion, with 95% of long-lead equipment secured and 100% of the necessary workforce in place [7] - At Black Pearl, development is on track, with 85% of existing infrastructure expected to be repurposed for the AWS lease, reducing execution risk [8] - The company acquired Ulysses, a 200 MW site in Ohio, expected to energize in 2027, suitable for HPC applications [9] Financial Performance - Fourth-quarter revenue was $60 million, down from the previous quarter due to a challenging Bitcoin mining environment, with a GAAP net loss of $734 million largely driven by non-cash fair value changes [16] - The company ended the quarter with $754 million in cash equivalents and Bitcoin, including $628 million in cash and $125 million in Bitcoin, and does not anticipate needing additional equity for currently contracted developments [6] Future Outlook and Market Position - The company is exploring behind-the-meter power solutions in Texas, noting strong demand from hyperscalers for co-locating generation to secure faster power [15] - Lease agreements with large customers are expected to generate approximately $669 million of average annualized net operating income from October 2026 to September 2036, with projections of about $754 million by 2035 [4]

Core Viewpoint - Activist investor Starboard Value is urging Riot Platforms to accelerate its transition from Bitcoin mining to AI data centers and high-performance computing (HPC) [1] Group 1: Company Strategy - Starboard highlighted that Riot owns approximately 1.7 gigawatts of power capacity in Corsicana and Rockdale, Texas [1] - The investor believes that monetizing these resources for AI/HPC could generate over $1.6 billion in annual EBITDA [1]

Group 1 - Anthropic, the creator of AI chatbot Claude, is set to raise $20 billion in fresh investment, valuing the company at $350 billion [1] - The initial target for the investment round was $10 billion, indicating a higher demand for AI investments than expected [1] - The funding round is expected to deliver between $10 to $15 billion as early as Tuesday, with the remainder to be finalized in the coming weeks [2] Group 2 - The deal is led by Singaporean sovereign wealth fund GIC and U.S. investor Coatue, with significant contributions from Sequoia Capital [2] - Companies pivoting towards AI and high-performance computing, such as IREN and Cipher Mining, are experiencing significant stock gains, with increases of over 12% [3] - Microsoft and Nvidia have previously committed to investing $10 billion and $5 billion, respectively, into Anthropic [4]

Industry Overview - The nuclear energy market is experiencing a resurgence due to new decarbonization initiatives and increased demand from sectors like cloud computing and AI, leading to the development of smaller, scalable reactors [2] - Geopolitical conflicts in uranium-rich regions have limited global uranium supply, contributing to rising uranium prices [2] Uranium Price Trends - Uranium's spot price has rebounded to $81.55 per pound by the end of 2025, with projections of reaching $100 in 2026 and $140 in 2027 [3] - The International Atomic Energy Agency (IAEA) forecasts a potential increase in global nuclear capacity by up to 2.5 times between 2024 and 2050 [3] Company Profiles: Cameco - Cameco is the second-largest uranium miner globally, responsible for 17% of the world's uranium production in 2024, and has diversified its operations by acquiring a 49% stake in Global Laser Enrichment [4][5] - In 2023, Cameco partnered with Brookfield Asset Management to acquire a 49% stake in Westinghouse Electric, enhancing its position in the nuclear energy sector [6] - Analysts project Cameco's revenue and earnings per share (EPS) to grow at a CAGR of 9% and 89% respectively from 2024 to 2027, despite its stock trading at 67 times this year's earnings [13] Company Profiles: Centrus Energy - Centrus is one of the few U.S. companies licensed to sell low-enriched uranium (LEU) and is the only publicly listed company producing high-assay low-enriched uranium (HALEU) [8] - After restructuring post-bankruptcy, Centrus has focused on importing LEU and enriching HALEU, with significant growth potential as advanced nuclear reactors are developed [10] - Analysts expect Centrus' revenue and EPS to grow at a CAGR of 7% and 2% respectively from 2024 to 2027, with its stock priced at 77 times this year's earnings [14] Comparative Analysis - Cameco is positioned as a more balanced investment in the nuclear market due to its leading market position, diversification, and lower forward price-to-earnings ratio compared to Centrus [15] - While Centrus has potential for growth, it is heavily reliant on government contracts and the development of next-generation reactors, making Cameco a more favorable long-term investment [16]

Core Insights - Applied Digital (APLD) reported a loss of 11 cents per share in Q2 of fiscal 2026, an improvement from a loss of 61 cents in the same quarter last year, but missed the Zacks Consensus Estimate by 22.22% [2] - Revenues surged 250% year over year to $126.6 million, driven by the ramp-up of HPC tenant fit-out services at Polaris Forge 1 and growth in the Data Center Hosting Business, exceeding Zacks consensus estimates by 66.67% [2] Segment Performance - The Data Center Hosting Business generated $41.6 million in revenues, a 15% increase year over year, with both Jamestown (106 MW) and Ellendale (180 MW) operating at full capacity [3] - The HPC Hosting Business contributed $85 million in revenues, including approximately $73 million from tenant fit-out services for CoreWeave at Polaris Forge 1 and $12 million in lease revenues [4] Operating Details - Cost of revenues increased 344% year over year to $100.6 million, primarily due to $69.5 million for tenant fit-out services and rising energy costs [5] - Selling, general and administrative expenses rose 119% year over year to $57 million, driven by stock-based compensation and professional services [6] - Interest expense increased 292% year over year to $11.5 million, attributed to higher borrowing activity [7] Balance Sheet and Cash Flows - As of Nov. 30, APLD held approximately $2.3 billion in cash and equivalents, up from $114.1 million at the end of August, while total debt rose to approximately $2.6 billion from $687.3 million [8] - The increase in cash and debt reflects the successful completion of a $2.35 billion senior secured notes offering [8] Future Outlook - APLD has 600 MW under contract with two hyperscalers, representing about $16 billion in prospective lease revenue over approximately 15 years [9][11] - Lease revenues are expected to ramp up significantly as new buildings at Polaris Forge 1 and Polaris Forge 2 come online [12] - The company is in advanced discussions with another investment-grade hyperscaler for approximately 900 MW across three sites [13] - APLD anticipates exceeding its long-term goal of $1 billion in NOI within five years and plans to spin out its Cloud Services Business [14]

Core Insights - Bitfarms Ltd. (NASDAQ:BITF) has demonstrated strong performance in Q3 2025, with a 156% year-over-year revenue increase to $69 million, driven by growth in energy infrastructure and mining operations [3] - Cantor Fitzgerald raised its price target for Bitfarms from $2.20 to $5.00, maintaining an "Overweight" rating based on the company's encouraging Q3 results despite some operational discontinuations [2] - The company has shifted its focus to North American high-performance computing (HPC) and AI infrastructure projects after discontinuing operations in Argentina and Paraguay [4][5] Financial Performance - Q3 2025 revenue reached $69 million, a significant increase from the previous year, while adjusted EBITDA rose from $2 million in Q3 2024 to $20 million [3] - The company reported a net loss of $46 million for the quarter, which included a $34 million impairment charge related to the reclassification of assets from Paraguay operations [3][4] - Bitfarms finalized a $588 million convertible note offering, increasing its liquidity to $814 million as of November 12, 2025, positioning the company for future expansion [5] Strategic Changes - The discontinuation of operations in Argentina and Paraguay resulted in $14 million in revenue and a net loss of $35 million from these operations [4] - The strategic shift towards HPC and AI infrastructure is expected to enhance the company's growth potential in these emerging sectors [5]

Core Viewpoint - JPMorgan has upgraded its outlook for Bitcoin miners, specifically Cipher Mining and CleanSpark, while reducing expectations for several larger companies in the sector [1] Group 1: JPMorgan's Outlook on Bitcoin Miners - Cipher Mining was upgraded to Overweight, with its price target for December 2026 raised from $12 to $18 [5] - CleanSpark was also upgraded to Overweight, maintaining its price target at $14 [7] - Analysts noted that miners are entering a "higher-conviction" phase of high-performance computing (HPC) expansion, with over 600 MW of AI-linked deals signed with major tech companies since late September [5] Group 2: Market Reactions and Criticism - JPMorgan faced backlash from the crypto community after a research note suggested that MicroStrategy may be removed from MSCI indices due to its significant Bitcoin holdings [2][3] - The potential outflows from MSCI indices could reach up to $2.8 billion, and as much as $8.8 billion if other index providers follow suit [3] - Prominent Bitcoin users have called for a boycott of JPMorgan in response to the bank's actions [3] Group 3: Company-Specific Developments - Cipher Mining is positioned at the intersection of large-scale data infrastructure and the crypto mining ecosystem, operating industrial Bitcoin mining facilities that convert low-cost energy into computational power [6] - Analysts expect Cipher to secure 480 MW of critical-IT capacity by 2026, which would represent about 64% of its approved capacity [6] - CleanSpark has an estimated 200 MW of HPC potential at its recently acquired 285-MW site in Texas [7]

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].