Cipher Digital reports Q4 loss; $3.73B HPC funding secured

TLDR

• Q4 posted $55M adjusted net loss amid transition; revenue missed expectations.
• $3.73B financing targets campus build-outs, critical power, cooling, site prep.
• Funds also cover long-lead equipment to accelerate AI/HPC infrastructure pivot.

According to Cryptopolitan, Cipher Digital, formerly Cipher Mining (CIFR), reported an adjusted net loss of $55 million for Q4 2025 and secured $3.73 billion in financing to advance an AI/HPC pivot. The company is shifting from Bitcoin mining to long‑duration data‑center hosting.

Q4 revenue was about $60 million and fell short of expectations, highlighting near‑term strain during the transition, as reported by Crypto Economy. The figures reflect the ongoing repositioning toward AI/HPC infrastructure.

TradingView’s summary notes the company completed its transformation to a digital‑infrastructure model, secured major hyperscaler leases, and fully funded key projects. In practical terms, the $3.73 billion is intended for campus build‑outs and critical power and cooling capacity, plus site preparation and long‑lead equipment.

AI/HPC pivot: leases, capacity mix, and immediate revenue implications

Based on data from Investing.com, approximately 74% of a pro forma 807 MW portfolio is oriented to AI/HPC leases, with the remainder tied to legacy mining that is being wound down. This mix signals a structural shift toward contracted hosting revenue.

Management has framed the change as a multi‑year realignment from commodity‑linked mining margins to lease‑based cash flows. Tyler Page, CEO, said, ‘2025 was a transformative year.’

As assessed by S&P Global Market Intelligence, HPC/AI infrastructure could dominate Cipher’s revenue mix by 2026, subject to on‑time energization and rent commencement. That timeline suggests initial lease income may begin ramping before mining winds down entirely.

Hyperscaler tenants confirmed: AWS and Fluidstack, what’s contracted and when it starts

TipRanks reports that hyperscaler tenants include Amazon Web Services and Fluidstack under long‑term agreements. These contracts underpin the pivot from self‑mining toward hosting.

JPMorgan research cited roughly 600 MW of contracted capacity with these counterparties before the Q4 release. The scale implies multi‑phase delivery aligned with campus construction schedules.

Specific rent‑commencement dates were not disclosed in the materials provided here. Commencements typically track phased power availability and IT‑load readiness at each site.

At the time of this writing, CIFR traded around $15.10 on the NasdaqGS, with a 52‑week range of $1.86 to $25.52 and a market capitalization near $6.0 billion, according to Yahoo Finance. Figures were flagged as subject to delay on that page.