Cipher Digital
CIFR-🇺🇸 USA
- Price
- $6.40
- as of Nov 6, 2026
- Market cap
- $2.9B
- as of Nov 6, 2026
Estimated total debt principal$7.12Bfacilities drawn: $0 of $200.0M
Trailing 12-month dilution+15.5%Oct 31, 2025 → Oct 30, 2026
Cash & equivalents$2.85Bas of Nov 2, 2026
Estimated cost of debt4.33%
Encumbered capacity18 MW
Basic shares outstanding - Evolution
Funding the build to end-2030
Capex from the Sites & Capacity estimates at $12M per MW, paid over the twelve months before each delivery, net of the project debt already raised.
Capex to fund$21.95bn2,323 MW to deliver · $2.97bn already funded
Equity raised$807m5% dilution a year
Debt to raise$13.04bn582.5m shares at end-2030
Capex by site and year
| Site | Contracted | Funded | 2026 | 2027 | 2028 | 2029 | 2030 | To fund | MW added |
|---|---|---|---|---|---|---|---|---|---|
| Barber Lakebuilding | 37% | $1.73bn | — | — | $1.62bn | $942m | $942m | $3.51bn | 564 MW |
| Stingraybuilding | 41% | $810m | — | — | $950m | — | — | $950m | 170 MW |
| Black Pearlbuilding | 100% | $424m | — | — | — | — | — | — | 131 MW |
| Colchis | 0% | — | — | — | $1.8bn | $2.1bn | $2.1bn | $6bn | 500 MW |
| Apollo | 0% | — | — | — | — | $1.8bn | $1.8bn | $3.6bn | 300 MW |
| Ulysses | 0% | — | — | — | $1.85bn | — | — | $1.85bn | 154 MW |
| Mikeska | 0% | — | — | — | — | $900m | $900m | $1.8bn | 150 MW |
| McLennan | 0% | — | — | — | — | $900m | $900m | $1.8bn | 150 MW |
| Milsing | 0% | — | — | — | — | $900m | $900m | $1.8bn | 150 MW |
| Reveille | 0% | — | — | $162m | $485m | — | — | $646m | 54 MW |
| Total | 8% | $2.97bn | — | $162m | $6.7bn | $7.54bn | $7.54bn | $21.95bn | 2,323 MW |
Sources and uses
| Year | Capex | Operating cash | Cash used | Equity raised | Debt to raise | Shares out | Closing cash |
|---|---|---|---|---|---|---|---|
| 2026 | — | $31m | — | $146m · +22.8m | — | 479.2m | $1.11bn |
| 2027 | $162m | $127m | $34m | $153m · +24m | — | 503.1m | $1.23bn |
| 2028 | $6.7bn | $797m | $1.23bn | $161m · +25.2m | $4.52bn | 528.3m | $0m |
| 2029 | $7.54bn | $2.03bn | — | $169m · +26.4m | $5.35bn | 554.7m | $0m |
| 2030 | $7.54bn | $4.18bn | — | $178m · +27.7m | $3.18bn | 582.5m | $0m |
Equity at 5% of the share count a year at the latest close; the fair values at date on the Valuation tab grow the share count at the same rate.
Debt stack
Secured notes
Total: $4.54B| Instrument | Principal | Rate | Maturity | Stage | Source |
|---|---|---|---|---|---|
6.000% Senior Secured Notes due 2031 — Stingray (Stingray Compute LLC)SPV · Stingray Compute LLC | $810.0M | 6% | 2031 | Closed | Jun 15, 2026 |
6.125% Senior Secured Notes due 2031 — Black Pearl (Black Pearl Compute LLC)SPV · Black Pearl Compute LLC | $2.00B | 6.125% | 2031 | Closed | Feb 11, 2026 |
7.125% Senior Secured Notes due 2030 add-on — Barber Lake (Cipher Compute LLC)SPV · Cipher Compute LLC | $333.0M | 7.125% | 2030 | Closed | Nov 24, 2025 |
7.125% Senior Secured Notes due 2030 — Barber Lake (Cipher Compute LLC)SPV · Cipher Compute LLC | $1.40B | 7.125% | 2030 | Closed | Nov 13, 2025 |
Convertible notes
Total: $2.32B · net: $1.08B| Instrument | Principal | Rate | Reference price | Conversion price | Capped call | Prepaid forward repurchase | Maturity | Stage | Source |
|---|---|---|---|---|---|---|---|---|---|
$850.0M | Zero coupon | $15.31 | $28.35Cost $89.7M | Nov 1, 2032 | Closed | Oct 16, 2026 | |||
$1.30Bnet $1.08B | Zero coupon | $16.03 | 2031 | Closed | Sep 30, 2025 | ||||
$172.5M | 1.75% | $4.45 | 2030 | Closed | May 22, 2025 |
Private placement
Total: $50.0M| Instrument | Principal | Rate | Maturity | Secured | Ratings | Stage | Source |
|---|---|---|---|---|---|---|---|
$50.0M | Closed | Jan 30, 2025 |
Revolver
Total: $200.0M| Instrument | Principal | Rate | Maturity | Secured | Ratings | Stage | Source |
|---|---|---|---|---|---|---|---|
$200.0M | Secured | Closed | Mar 23, 2026 |
Equity & warrants
No equity-related instruments yet.
Other instruments
Other
| Instrument | Cost / amount | Maturity | Stage | Source |
|---|---|---|---|---|
| $165.9M | Closed | Oct 16, 2026 |