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Written by Eric Trie for The Motley Fool->
Cipher Mining (NASDAQ:CIFR), bitcoin and AI data center operator, closed Tuesday at $22.1, up 23.53%. The stock moved higher after Q1 results and updates detailed a strategic pivot toward hyperscale-ready AI/HPC data centers supported by a new $200 million credit facility. Investors are watching closely on the execution on these long-term leases and build-outs.
The company’s trading volume reached 61.9 million shares, which is about 125% above compared with its three-month average of 27.4 million shares. Cipher Mining went public in 2020 and has grown 123% since its IPO.
The S&P 500 (SNPINDEX:^GSPC) added 0.81% to finish Tuesday at 7,259.22, while the Nasdaq Composite (NASDAQINDEX:^IXIC) rose 1.03% to close at 25,326. Among information technology services peers, Mara Holdings (NASDAQ:MARA) closed at $12.16 (+2.79%) and Riot Platforms (NASDAQ:RIOT) ended at $20.35 (+8.94%), lagging Cipher Mining’s stronger gain.
Cipher Mining shares rose despite weaker first-quarter mining results, with approximately $34.8 million in revenue and a $114.3 million net loss. The increase was driven by the company’s transition to AI and high-performance computing data centers, highlighted by a third campus lease with an investment-grade hyperscale tenant and a new $200 million revolving credit facility to support development.
This update provides investors with a clearer basis for valuing Cipher as a data center infrastructure company rather than just a bitcoin miner. Management cited approximately $11.4 billion in contracted revenue and about $787 million in average annualized contracted NOI from operating and contracted capacity. Future market indicators will depend on whether Barber Lake, Black Pearl, and the new hyperscale campus progress from leases and financing to delivered capacity and revenue.
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Eric Trie has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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