Overview
- Cipher recorded $5.85 million in high-performance computing lease revenue in Q3 2026 while total revenue fell to $26.7 million and Bitcoin mining revenue dropped about 71% year over year.
- The company reported $31.6 million in GAAP net income for the quarter that was driven largely by a $127.2 million noncash warrant valuation gain rather than operating cash flow.
- Cipher now lists about $16.6 billion in contracted HPC revenue covering roughly 700 megawatts, including a 20-year Barber Lake amendment that raises that site’s contracted value to about $9.1 billion.
- Cipher shares fell roughly 18–20% after Gina Hinojosa’s Texas election victory and her campaign call for a moratorium on new data centers, which increases permitting and political risk for the company’s Texas developments.
- Lease economics mean tenants supply the computing hardware while Cipher supplies powered pads, power and cooling, so rent begins only when powered capacity is delivered and company cash depends on on-time construction, ERCOT and TCEQ approvals and decisions such as converting the Odessa site to HPC.