Cipher Mining Inc

Cipher Mining Inc (NASDQ: CIFR) is a large-scale data center development and operations firm, specializing in building and managing industrial-grade facilities designed for bitcoin mining and high-performance computing (HPC) hosting.

Key Business Updates

• Transformational Quarter Marked by Strategic Hyperscaler Partnerships: In the third quarter of 2025, Cipher Mining Inc. reported a pivotal period defined by major strategic advancements in the high-performance computing (HPC) sector. The Company solidified its presence in this rapidly growing market through a landmark transaction with Fluidstack and Google, significantly enhancing its credibility in AI-focused infrastructure. Building upon this momentum, Cipher executed its first direct lease agreement with a Tier 1 hyperscaler, further validating its positioning as a leading provider of next-generation compute capacity.
• Major Long-Term Lease Agreement with Amazon Web Services: A cornerstone development during the quarter was Cipher’s announcement of a 15-year, approximately USD 5.5 billion lease agreement with Amazon Web Services. Under this agreement, Cipher will deliver 300 MW of turnkey space and power for AI workloads, supporting both air- and liquid-cooled rack configurations. The capacity rollout is planned in two phases, beginning in July 2026 and concluding in the fourth quarter of 2026, with rental revenues commencing in August 2026. This agreement underscores the Company’s capability to meet hyperscaler demand for scalable, power-dense AI infrastructure.
• Expansion of Development Pipeline Through Colchis Joint Venture: Operational expansion was further accelerated through the formation of a new joint entity to develop a 1-GW site in West Texas, named “Colchis.” Cipher is expected to fund the majority of the project, potentially securing approximately 95% equity ownership based on typical development and lease terms. The Colchis site benefits from a fully executed 1-GW Direct Connect Agreement with American Electric Power, with energization targeted for 2028. Situated adjacent to an existing substation on 620 acres of optioned land, the site is positioned to become a premier HPC data center location, supported by ERCOT’s ongoing review and approvals.
• Financial Performance Strengthened by Capital Raise and Contracted Revenues: Financially, Cipher reported a net loss of USD 3 million, or USD 0.01 per share, for the quarter; however, adjusted earnings reached USD 41 million, or USD 0.10 per diluted share, reflecting strong underlying operational performance. The Company also successfully completed a USD 1.3 billion convertible note offering, bolstering its balance sheet and supporting its expanding development pipeline. With AI hosting contracts and long-term leases now representing approximately USD 8.5 billion in future payments and a pipeline of 3.2 GW of site capacity, Cipher enters the next phase of growth with substantial visibility and strategic momentum.

Technical Observation (on the daily chart):

The chart shows a strong medium-term uptrend that accelerated sharply from late August through October, followed by a meaningful pullback. After hitting a peak near late October/early November, the price has corrected toward the 50-day moving average, which is now being tested as support. The 20-day MA has turned downward and crossed sharply lower, indicating near-term momentum loss, while the 50-day MA remains upward-sloping, suggesting the broader trend is still intact. RSI has fallen toward 30, reflecting oversold or weak momentum conditions. Overall, the stock is in a corrective phase within a larger uptrend, with the next key levels to watch being support at the 50-day MA and psychological support near $14–$15, while any recovery above the 20-day MA would signal improving momentum.

As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘Speculative Buy’ rating has been given Cipher Mining Inc (NASDQ: CIFR) at the closing market price of USD 14.38 as of Nov 18,2025. 

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is November 18,2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.