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Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"The useful underwriting question is whether the existing contracted projects start rent on schedule and retain enough cash after financing. The company schedule rises from $97M HPC NOI in 2026 to $686M in 2027, but these are property economics, not parent free cash flow. A large restricted cash balance finances a large construction obligation. Successful delivery can change the earnings mix quickly; it does not automatically remove the need for disciplined financing.","scenario_ranges":"Named downside/base/upside operating assumptions; not probabilities, price targets or the short-horizon market-memory bands.","what_changes_it":"Track actual rent commencement, construction cash spending and the unrestricted-cash balance. Delay at Barber Lake or Stingray, weaker mining economics or capex overruns weaken the case; accepted capacity and NOI matching the schedule strengthen it."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm","title":"August 4 Form 10-Q: cash, Bitcoin proceeds and debt","retrieved":"2026-09-19"},{"url":"https://investors.cipherdigital.com/news-releases/news-release-details/cipher-digital-provides-second-quarter-2026-business-update","title":"August 4 Q2 results and project delivery update","retrieved":"2026-09-19"},{"url":"https://investors.cipherdigital.com/static-files/a95634e3-43c8-49b4-ba07-c317ea37355e","title":"August 4 presentation: contracted NOI schedule and funding","retrieved":"2026-09-19"}],"business":{"drivers":["Contracted capacity delivered and accepted on time","Property NOI retained after overhead and financing","Construction spending, restricted cash and debt service"],"description":"Cipher Digital is converting a Bitcoin-mining platform into a developer and owner of HPC data centers. Long leases can produce recurring property income, but revenue starts only after tenant delivery and acceptance. Mining remains a smaller source of cash while construction, project debt and restricted reserves dominate the funding picture."},"earnings":{"source":"estimated from 10-Q filed 2026-08-04 plus 90 days","next_report_date":"2026-11-02"},"identity":{"cik":1819989,"sic":"6199","name":"Cipher Digital Inc.","symbol":"CIFR","cluster":"AI infrastructure & power","exchange":"Nasdaq"},"research":{"risks":["Delayed acceptance shifts rent while debt costs continue.","Restricted project cash cannot be treated as free parent liquidity.","Property NOI omits overhead, debt service and ongoing capital needs.","Mining cash depends on Bitcoin prices, difficulty and power costs.","Future projects can require new equity or debt; no dilution forecast is complete."],"title":"From contracted HPC capacity to cash retained","question":"How much of the contracted property NOI survives construction spending and financing?","economics":"The August update says Black Pearl began delivery and rent earlier than planned, while Barber Lake targets initial September delivery and October rent. The three contracted projects total 700 MW gross, not 700 MW already earning rent. The 10-Q reports $831.8M unrestricted cash and $3,728.0M restricted cash at June 30 against about $6,015.5M debt principal. H1 GAAP CFO was negative $152.0M; adding $123.4M of Bitcoin sales classified as investing still leaves negative $992.8M after $964.3M cash PP&E. Contracted NOI is therefore the starting point of the cash bridge. The model exposes delivery, property margin, mining, corporate cost, coupons and construction spending separately.","change_note":"First sourced review and operating scenarios as of September 19, 2026. Uses August results and contract/coupon disclosures. Pipeline options remain outside modeled revenue.","checkpoints":[{"event":"Barber Lake rent commencement","watch":"Confirm tenant acceptance, first billed rent and any remaining delivery obligations.","timing":"October 2026 company target","date_status":"estimated"},{"event":"Stingray delivery","watch":"Track construction cash used and contracted delivery conditions.","timing":"First half of 2027 company target","date_status":"estimated"},{"event":"Next quarterly cash reconciliation","watch":"Separate unrestricted cash, restricted balances, project capex and principal repayments.","timing":"Next results; date unconfirmed","date_status":"estimated"}],"countercase":"Contracted demand and tenant credit support reduce demand uncertainty but do not eliminate construction execution, payment conditions or parent financing risk. Power options and land can remain uneconomic if incremental funding costs or build costs exceed the eventual lease return.","limitations":["An initial operating model, without a reconciled balance sheet, diluted EPS or equity valuation.","HPC NOI is a company non-GAAP property measure. Converting NOI to revenue requires an assumed property margin; lease-accounting revenue, escalators and reimbursements are not reconstructed.","Coupon expense is spread evenly for economic comparison. Actual payment dates, interest income, debt amortization, reserves and restricted-project cash waterfalls are not fully modeled.","Cash after capex excludes acquisitions, asset-sale proceeds, new financing and principal repayments. It is not parent cash available to shareholders.","Pipeline power, the Apollo option and unsigned Odessa HPC reuse generate no forecast rent. Historical SEC gross-profit and debt mappings are incomplete."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":33459222.222222224},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":123992555.55555557},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":153172927.77777776},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":197664411.1111111}],"basis":"Desk base scenario from the operating model; not consensus.","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"quarter","case":"shared","kind":"assumption","unit":"ratio","basis":"Arithmetic time conversion.","label":"One quarter of a year","value":0.25,"period":"Model","formula":null,"source_url":null,"source_date":null},{"id":"two","case":"shared","kind":"assumption","unit":"ratio","basis":"Arithmetic constant.","label":"Average divisor","value":2.0,"period":"Model","formula":null,"source_url":null,"source_date":null},{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 revenue","value":59.675,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm","source_date":"2026-08-04"},{"id":"h1_cfo","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 GAAP operating cash flow","value":-152.007,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm","source_date":"2026-08-04"},{"id":"h1_btc_sales","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 Bitcoin sale proceeds, investing","value":123.428,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm","source_date":"2026-08-04"},{"id":"h1_capex","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 cash PP&E purchases","value":964.261,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm","source_date":"2026-08-04"},{"id":"h1_cash","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"June unrestricted cash","value":831.829,"period":"2026Q2","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm","source_date":"2026-08-04"},{"id":"h1_restricted_current","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"June current restricted cash","value":3188.452,"period":"2026Q2","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm","source_date":"2026-08-04"},{"id":"h1_restricted_noncurrent","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"June noncurrent restricted cash","value":539.506,"period":"2026Q2","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm","source_date":"2026-08-04"},{"id":"h1_q2_mining","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"Q2 mining revenue","value":24.837,"period":"2026Q2","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm","source_date":"2026-08-04"},{"id":"restricted_cash","case":"shared","kind":"derived","unit":"USD_millions","basis":"Current plus noncurrent restricted cash; not available corporate liquidity.","label":"Total restricted cash","value":3727.958,"period":"2026Q2","formula":{"op":"sum","refs":["h1_restricted_current","h1_restricted_noncurrent"]},"source_url":null,"source_date":null},{"id":"h1_cash_before_capex","case":"shared","kind":"derived","unit":"USD_millions","basis":"GAAP CFO plus separately classified Bitcoin-sale proceeds.","label":"H1 cash before PP&E including Bitcoin sales","value":-28.579000000000008,"period":"H1 2026","formula":{"op":"sum","refs":["h1_cfo","h1_btc_sales"]},"source_url":null,"source_date":null},{"id":"h1_cash_after_capex","case":"shared","kind":"derived","unit":"USD_millions","basis":"Analytical cash bridge; Bitcoin sales are investing cash flow.","label":"H1 cash after PP&E including Bitcoin sales","value":-992.8399999999999,"period":"H1 2026","formula":{"op":"subtract","refs":["h1_cash_before_capex","h1_capex"]},"source_url":null,"source_date":null},{"id":"h1_hpc_noi","case":"shared","kind":"assumption","unit":"USD_millions","basis":"Desk inference of no HPC NOI before first HPC rent commencement in August; H1 reported revenue was mining. 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