Cipher Digital secures $11.4B AI order book and 99%+ margins
CIFR•CIFR•CIFR•CIFR•Bernstein started Outperform coverage of Cipher Digital with a $32 price target, citing its $11.4 billion AI order book backed 67% by hyperscalers and 99%+ triple-net lease margins. AI revenue is forecast to hit $1.2 billion by 2030 with EBITDA margins near 93%, driven by demand for ready-to-run data centers.
Bernstein initiated coverage of Cipher Digital with an Outperform rating and assigned a $32 price target, highlighting the company’s strategic positioning in AI data center infrastructure.
Cipher Digital has secured an $11.4 billion order book for AI computing capacity, 67% of which is backed by hyperscalers, and utilizes triple-net leases that shift operating costs to tenants, resulting in margins exceeding 99%.
Bernstein projects Cipher Digital’s AI revenue to reach approximately $1.2 billion by 2030 with EBITDA margins near 93%, reflecting strong demand for ready-to-run data center shells among cloud service providers.
