Cipher Digital

CIFR-🇺🇸 USA

Price: $6.40; as of Nov 6, 2026
Market cap: $2.9B; as of Nov 6, 2026

Sites & Capacity

Total active power (IT load)18 MW

In build capacity (IT load)408 MW

Owned capacity share100%capacity-weighted, vs colocation

Projected AI capacity (IT load)*

ContractedUncontracted

Active & in build (3)

Image	Site	CapacityIT load · theoretical gross	Est. capacityend of year, IT load	Commentaries
Nov 2, 2026	Black Pearl Wink, TX · USAUpdated Nov 2, 2026	Active 18 MW In build 131 MW Theoretical —	2028 149 MW 2030 149 MW	—
Nov 2, 2026	Barber Lake Colorado City, TX · USAUpdated Nov 2, 2026	Active — In build 207 MW Theoretical —	2028 407 MW 2030 564 MW	Potential BTM · 500 MW gross
Nov 2, 2026	Stingray Andrews County, TX · USAUpdated Nov 2, 2026	Active — In build 70 MW Theoretical —	2028 170 MW 2030 170 MW	ERCOT: Base Load · 100 MW grossERCOT: Studied Load · 200 MW grossPotential BTM · 200 MW gross

Pipeline portfolio (announced) (8)

Site	Planned capacity		Est. capacityend of year, IT load	Commentaries
Reveille Texas · USAUpdated Nov 2, 2026	70 MWgross	Q3 2027	2028 54 MW 2030 54 MW	ERCOT: Fully Interconnection-Approved · 70 MW gross
Ulysses Cotulla, OH · USAUpdated Nov 2, 2026	200 MWgross	Q4 2027	2028 154 MW 2030 154 MW	ERCOT: Fully Interconnection-Approved · 200 MW gross
ColchisJV (95% owned) Texas · USAUpdated Nov 2, 2026	1,000 MWgross	2028	2028 150 MW 2030 500 MW	ERCOT: Base Load · 1,000 MW gross
Mikeska Texas · USAUpdated Aug 4, 2026	500 MWgross	2028	2028 — 2030 150 MW	ERCOT: Studied Load · 500 MW gross
McLennan Texas · USAUpdated Aug 4, 2026	500 MWgross	2028	2028 — 2030 150 MW	ERCOT: Studied Load · 500 MW gross
Milsing Texas · USAUpdated Aug 4, 2026	500 MWgross	2028	2028 — 2030 150 MW	—
Apollo San Antonio area, TX · USAUpdated Aug 4, 2026 · manual entry	900 MWgross	2030	2028 — 2030 300 MW	ERCOT: Studied Load · 900 MW grossPotential BTM · 900 MW gross
Horizon Texas · USAUpdated Nov 2, 2026	70 MWtheoretical	—	2028 — 2030 —	—

ERCOT — ERCOT (Electric Reliability Council of Texas) operates the Texas grid. A large new load only gets energized once it has cleared ERCOT's interconnection process, so the label a block carries says how far along that approval is: Fully Interconnection-Approved: every ERCOT approval is granted — the load can be energized as planned. Base Load: approved as firm load in ERCOT's planning models; energization still depends on the remaining steps. Studied Load: still in ERCOT's study queue — no firm approval yet.

Bitcoin mining (1)

Site	Active power	Est. capacityend of year, AI, IT load	Commentaries
Odessa Odessa, TX · USAUpdated Nov 2, 2026	207 MW	2028 — 2030 —	AI/HPC lease in discussion

*Projected AI capacity, bitcoin-mining sites excluded: the fleet online today, plus each block's remaining capacity once its scheduled delivery falls before that year end (the delivery end date; failing that the delivery start date; failing that the energization target plus one year), plus each pipeline site's planned capacity (the sum of its block targets, or its theoretical capacity when no block states one) one year after its first energization target. A bitcoin-mining site contributes only the AI capacity a block explicitly estimates for EoY 2028 — a conversion someone has assessed — counted in full, since what runs there today is mining. Past its last scheduled date, in 2027 and 2028 a site is assumed to keep adding its current in-build amount each year, up to its theoretical capacity in IT load. Blocks without a signed customer count in full (no haircut set in the common metrics).

** Estimated: the source reported this figure on a gross basis. It is shown in IT load by dividing by the PUE common metric, currently 1.3.