TLDR
- Cipher Digital signed a 15-year data center campus lease with an investment-grade hyperscale tenant — its third such deal.
- The company closed a $200M revolving credit facility, undrawn at closing, with a $50M accordion option.
- Morgan Stanley led the syndicate, which includes Goldman Sachs, JPMorgan Chase, Wells Fargo, Banco Santander, and Sumitomo Mitsui.
- The facility matures in March 2030 and carries interest at SOFR plus 1.25%–1.75%.
- Analysts maintain mostly bullish ratings, with price targets ranging from $14.50 to $30.
Cipher Digital Inc. announced two major moves on March 23, 2026 — a new long-term data center lease and a fresh revolving credit line — as the company continues its pivot away from Bitcoin mining toward AI and high-performance computing infrastructure.
The 15-year lease is with an investment-grade hyperscale tenant. Cipher will develop and deliver a high-performance computing data center at one of its existing sites. This is the company’s third data center campus deal of this kind.
The lease adds to existing agreements Cipher already has in place with AWS and Fluidstack, both of which management says remain on schedule.
On the same day, Cipher closed a $200 million revolving credit facility. The facility was undrawn at closing and comes with a $50 million accordion option that could push total capacity to $250 million.
Morgan Stanley served as administrative agent and lead arranger. The syndicate includes Goldman Sachs, JPMorgan Chase, Wells Fargo, Banco Santander, and Sumitomo Mitsui Banking Corporation.
The facility carries interest tied to the Secured Overnight Financing Rate (SOFR) plus a margin of 1.25% to 1.75%, with step-down pricing linked to Cipher’s total debt to market cap ratio. It matures in March 2030.
CFO Greg Mumford called it “a major step in the evolution of our capital structure,” describing it as Cipher’s first syndicated revolving credit facility.
Strict Conditions Attached
The agreement isn’t without strings. Cipher must maintain quarterly minimum liquidity of between $100 million and $200 million, depending on cash flow status at its Barber Lake and Black Pearl facilities.
Borrowers also need to show a minimum market capitalization of $3 billion at each draw. Standard covenants restrict additional debt, asset sales, and major corporate changes.
Cipher’s current ratio stands at 3.79, and the company reports liquid assets exceeding short-term obligations, according to InvestingPro data.
The stock has delivered a 389% return over the past year, though InvestingPro’s Fair Value analysis flags it as potentially overvalued at current levels.
Analyst Ratings Mixed But Mostly Bullish
Wall Street’s view on CIFR is split on price targets but broadly positive on direction.
Citizens reiterated a Market Outperform rating with a $30 price target, pointing to the HPC pivot and exit from a Bitcoin mining joint venture as catalysts.
Cantor Fitzgerald lowered its target to $24 from $26 but kept an Overweight rating. Needham trimmed its target to $22 from $26 while holding a Buy rating. Rosenblatt maintained a Buy with a $24 target.
The most recent rating on record is a Hold at a $14.50 price target.
Q4 2025 earnings came in below expectations, driven by lower Bitcoin mining revenue and higher G&A costs. The company’s transition away from mining toward AI data center revenue is still in progress.
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