In late 2024, Cipher Mining transitioned from a pure Bitcoin mining operator to a provider of high-performance computing (HPC) infrastructure. While mining remains its primary revenue source, the company recorded $164.2 million in mining revenue over the first three quarters of 2025. Management expects the HPC initiative, which is not yet reflected on the income statement, to diversify revenue streams and reduce dependence on Bitcoin price fluctuations by the second half of 2026.

Cipher Mining secured a 10-year HPC colocation contract with AI-cloud platform Fluidstack in September 2025 worth $3.0 billion, including power and turnkey rack space. The agreement features two five-year extension options that could boost its value to approximately $7.0 billion. In November 2025, a complementary AI hosting deal with Fluidstack added $830 million in potential revenue, rising to nearly $2.0 billion if both extensions are exercised. Annual lease payments under these arrangements are slated to begin in October 2026, positioning Cipher to generate several hundred million dollars per year from a single partner.

In November 2025, Cipher announced a 15-year lease with Amazon Web Services valued at $5.5 billion. This agreement grants AWS turnkey space and power capacity tailored to AI workloads, with lease payments scheduled to commence in August 2026. The deal underscores rising demand for dedicated AI compute facilities and cements Cipher’s role as a key infrastructure provider to hyperscale cloud customers.

Cipher Mining shares have surged by 255% over the past 12 months, trading at roughly 32 times trailing sales as of mid-January 2026. Despite the premium multiple, investors are betting on rapid revenue ramp-up from HPC contracts. With lease payments from AWS and Fluidstack kicking in during the second half of 2026, annualized revenues could approach or exceed $1.5 billion by 2027, assuming full capacity utilization and no further capital constraints.