Added to YB: 2026-08-20
Pitch date: 2026-08-18
CIFR [neutral]
Cipher Digital Inc.
-37.45%
current return
Author Info
Valentir Capital is an ex buy-side analyst sharing long-term, high conviction investing ideas grounded in rational insight. Sign up for the newsletter.
Company Info
Cipher Digital Inc., together with its subsidiaries, develops and operates industrial-scale data centers for bitcoin mining and high-performance compute (HPC) hosting in the United States.
Market Cap
$6.4B
Pitch Price
$16.05
Price Target
66.00 (+557%)
Dividend
N/A
EV/EBITDA
132.78
P/E
-5.56
EV/Sales
58.68
Sector
Software
Category
turnaround
Cipher Digital (CIFR): Q2 2026 - The Flywheel Starts to Spin
CIFR (earnings): Q2'26 rev $24.8M (down from $43.6M YoY) as BTC mining shut off; adj EBITDA -$30M, GAAP loss $267.5M ($0.65/sh, mostly non-cash warrant mark + interest). Black Pearl (Amazon 15yr) delivered 2mo early, rent flowing. $810M 6% notes 8x oversubscribed. Pivot to HPC landlord: $11.4B contracted lease rev, ~$793M avg NOI. 5.3GW/11 sites. DCF base $48 vs $18 price (~170% upside), but leans on 5% terminal growth, restricted cash as equity, low beta. Risks: EBITDA valley, $6B debt w/completion guarantees, dilution, Abbott/ERCOT audit delay.
Read full article (15 min)