Cipher Digital Inc

CIFR

Market cap $9.67B

The AI buildout has a power problem.

Megacap tech is wobbling, and money is looking for somewhere cheaper to land.

Cipher Digital's long-term hyperscale leases and $11.4B in contracted revenues give it an edge over IREN Limited as AI infrastructure demand accelerates.

Cipher Digital Inc (NASDAQ:CIFR) shares are jumping on Thursday despite the broader market trading with a more cautious tone.

With megacap AI software names trading at triple-digit cash-flow multiples, value-oriented investors are quietly rotating into the physical layer of the buildout: power, land, and data center capacity.

Revenue of US$62.7 million was in line with guidance; cryptocurrency treasury[1] reached a record 1,807.60 BTC and 3,951.53 ETH as of March 31, 2026 Installed mining computing power across 10 joint-mining projects reached approximately 11 EH/s, up 10.7% sequentially; Produced 257 bitcoins in Q1 Strategic energy infrastructure footprint expanded through the acquisition of 49% interest in ABC Projects in West Texas from Cipher Mining and Nordic hash-to-heat deployment SINGAPORE, May 19, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced its unaudited financial results for the three months ended March 31, 2026. First Quarter 2026 Operating and Financial Highlights Metrics Q1 2026 Market-readable takeaways Total revenue US$62.7 million In line with guidance Product revenue US$42.9 million Completed final deliveries under a major U.S. order Mining revenue US$19.1 million Resilient production despite BTC/hashprice volatility BTC produced 257 BTC Continued mining output Crypto treasury 1,807.60 BTC / 3,951.53 ETH Record high treasury Installed mining computing power ~11 EH/s Up 10.7% QoQ All-in power cost ~US$0.04/kWh Competitive mining cost base G&A expense US$15.0 million Down 11% QoQ Subsequent customer cash collections ~US$42 million Liquidity improved after quarter-end ABC Projects 49% interest / ~4.4 EH/s operating hashrate West Texas energy-compute footprint Nordic hash-to-heat Project 8MW planned / 2MW in operation Sustainable compute infrastructure use case   Total revenues were US$62.7 million, which was in line with the Company's previous guidance range.

The company has a 2.2 gigawatt pipeline and expects to sign three leases with tech tenants by the end of the year. Keel Infrastructure told investors its $533 million in liquidity is enough to execute leases at three of its sites.

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There's another set of artificial intelligence plays hidden in plain sight. And their roots are in crypto.

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