Cipher Mining Logs $734M Q4 Loss, Secures $2B Bond and $9.3B in Leases
Cipher Mining posted Q4 2025 revenue of $60M with a GAAP net loss of $734M, driven by a $450M convertible note mark-to-market charge and $141M of asset impairments. It holds $754M liquidity, completed a 6.5x-oversubscribed $2B bond offering and secured $9.3B in data center leases for a 3.4GW development pipeline.
1. Q4 Financial Results
Cipher Mining reported Q4 2025 revenue of $60 million and recorded a GAAP net loss of $734 million. The loss stemmed primarily from a $450 million mark-to-market charge on convertible notes and $141 million in impairments at its Black Pearl and Odessa mining facilities.
2. Liquidity and Financing
At year-end 2025 the company held $754 million in combined cash and Bitcoin. In February it raised $2 billion through a bond offering that was oversubscribed 6.5 times, securing funding for remaining capital expenditures at the Black Pearl project.
3. Infrastructure Pipeline and Outlook
Cipher Mining has contracted $9.3 billion in revenue from data center leases and is developing a 3.4-gigawatt hyperscale computing pipeline. Management projects significant annualized net operating income to commence in late 2026 as it shifts away from legacy Bitcoin mining operations.