TLDR
- Cipher Digital stock jumped around 14% on Wednesday after a key power supply update for its Texas data centers
- ERCOT’s Batch Zero framework confirmed grid capacity of up to 3.2 gigawatts for Cipher’s Texas sites
- Six sites received new power designations covering around 3.1 gigawatts in total
- Three sites are already live with a combined 807 megawatts currently in use
- Wall Street rates CIFR a Strong Buy with an average price target of $30.59, implying around 75% upside
Cipher Digital stock climbed around 14% on Wednesday, reaching a session high of $17.58, after the company posted an update on its AI data center power supply across Texas.
The move came after the Electric Reliability Council of Texas published results through its Batch Zero evaluation framework, confirming grid capacity of up to 3.2 gigawatts for Cipher’s data center network. The company also shared details on its X account, outlining new power designations across six sites totaling around 3.1 gigawatts.
Two of those sites received Conditional Base Load status. Stingray was approved for 100 megawatts and Colchis for 1 gigawatt. Both designations signal a more established position in the grid review process.
Four additional sites landed Conditional Studied Load status. That group includes Mikeska at 500 megawatts, Apollo at 900 megawatts, Stingray Phase II at 200 megawatts, and McLennan at 500 megawatts. Mikeska, Apollo, and Stingray Phase II also carry PCLR status.
Sites Already Live
Three Cipher Digital sites are already operational. Barber Lake and Black Pearl each run at 300 megawatts, and Odessa operates at 207 megawatts. Combined, those three sites account for 807 megawatts currently in service.
Two more sites have received full grid approval. Reveille is cleared for 70 megawatts and Ulysses for 200 megawatts.
Cipher said it plans to meet the requirements of a full audit of its power plans and will publish final site tags in December.
The stock’s jump also got a lift from a broader recovery in AI-related names. After a stretch of selling driven by concerns over potential industry regulation, AI stocks were broadly moving higher on Wednesday, with the S&P 500 up 0.2% and the Nasdaq up 0.6% at the same time CIFR was trading near its session peak.
What Wall Street Thinks
Eleven analysts have rated CIFR a Buy over the past three months. None have issued a Hold or Sell. The average price target sits at $30.59, which would represent roughly 75% upside from Wednesday’s levels.
CIFR has a 52-week range of $11.01 to $30.14. Wednesday’s move pushed the stock well above its recent trading range, with volume hitting 39.4 million against an average of 30.9 million.
The company said it will share final site classifications in December once the audit process is complete.
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