Cipher Mining (CIFR) Soars 23.10% on Landmark AI Hosting Deal with Fluidstack Backed by Google

Cipher Mining (CIFR) shares surged 2.70% on Monday, marking two consecutive days of gains that pushed the stock to its highest level since October 2025. The intraday jump of 5.60% added to the recent momentum, with the stock climbing 23.10% over the past two sessions, reflecting renewed investor confidence in the company’s strategic pivot.

The stock’s rally coincides with Cipher’s landmark 10-year, $3 billion AI hosting agreement with Fluidstack, backed by a $1.4 billion financial guarantee from Google. This partnership secures 168 MW of IT load at the Black Pearl data center in Texas, offering high-margin revenue potential and reducing exposure to Bitcoin’s price volatility. Analysts highlight the deal’s potential to generate $7 billion in revenue if expanded, underpinned by the facility’s energy-efficient infrastructure and flexible operational model.

Leadership changes further signal strategic alignment. Greg Mumford, a veteran in digital assets and finance, assumed the CFO role in October, succeeding Edward Farrell. Mumford’s appointment underscores a focus on optimizing capital allocation amid Cipher’s aggressive expansion, including a $1.1 billion convertible note offering. While the company maintains a strong balance sheet with $1.01 billion in assets, the issuance of $1.7 billion in convertible debt introduces dilution risks if the stock remains above $16.03, the conversion threshold.

Bitcoin’s sustained rally to $126,000 in late September has also bolstered Cipher’s mining revenue, with September output rising to 251 Bitcoin. However, the stock trades at a 50% premium to analyst estimates of $11.38, reflecting heightened optimism about the dual-revenue model. Risks persist, including Bitcoin price swings, regulatory scrutiny of energy use, and execution delays in AI infrastructure development. Despite these challenges, the stock’s technical indicators remain overbought, with momentum likely to test the $16–18 range before further gains.