Cipher Mining’s 313MW Capacity Priced at $2.9M/MW, Far Below $27M Benchmark
CIFR•Cipher Mining’s 313 MW of energized capacity is valued at just $2.9 million per megawatt, a fraction of the $27 million/MW benchmark from Digital Realty Trust’s $3.5 billion AI data center deal. The firm’s untapped AI-ready power capacity could unlock significant upside as investors reassess Bitcoin miners’ energy assets.
1. AI Data Center Benchmark
Digital Realty Trust acquired three leased AI data centers in Northern Virginia for $3.5 billion, equivalent to about $27 million per megawatt based on a 6.5% cap rate, 3.6% annual rent escalators and 15-year lease terms, setting a new valuation yardstick for stabilized AI infrastructure.
2. Miners’ Energy Capacity Valuations
Bitcoin miners pivoting to AI and high-performance computing are trading at $3 million to $12 million per megawatt, based on net operating income of roughly $1.5 million per megawatt, reflecting just 8 to 14 cents on the dollar compared to the AI infrastructure benchmark.
3. Cipher Mining’s Valuation Gap
Cipher Mining’s 313 MW of energized but unleased capacity is being valued at about $2.9 million per megawatt after applying the benchmark cap rate to disclosed net operating income and subtracting net debt, while its development pipeline remains unvalued.
