Cipher Mining Soars 13.8% After Morgan Stanley Gives $38 Target and Plans $2B Note Sale
Shares of Cipher Mining Inc jumped 13.78% after Morgan Stanley launched coverage with an overweight rating and set a $38 price target implying 127% upside. The company is raising $2 billion via 6.125% senior secured notes to fund its Black Pearl data center, reimburse contributions and cover reserves.
1. Morgan Stanley Initiates Coverage
Morgan Stanley initiated coverage of Cipher Mining Inc with an overweight rating and established a $38 price target, representing 127% upside from the prior closing price. This announcement triggered a 13.78% surge in the stock’s value on the following trading session.
2. $2 Billion Senior Secured Notes Offering
Cipher Mining filed to issue $2 billion in senior secured notes due 2031 at a 6.125% yield. Proceeds are designated to complete the Black Pearl Facility in Texas, reimburse $232.5 million of prior equity contributions, fund debt service reserves and cover offering expenses.
3. Upcoming Earnings and AI Infrastructure Strategy
The company will release fourth-quarter and full-year 2025 results before market open on February 24, followed by a conference call. Analysts highlight Cipher’s power assets and data center infrastructure as well positioned to support both bitcoin mining and growing demand for AI compute workloads.