Overview

• Cipher signed a hosting agreement with Fluidstack, backed by Google, to expand its Barber Lake site into an AI compute hub.
• The company priced a $1.1 billion zero-coupon convertible note to fund the buildout, and analysts expect it to retain full ownership of Barber Lake.
• Canaccord reiterated a Buy rating and raised its price target to $16, as Rosenblatt lifted its target to $14 and other brokers boosted targets earlier this month.
• Shares traded higher Monday, with gains reported between roughly 3% and 5% to around $12 during the session.
• Analysts said the deal reflects strong demand for large-scale AI compute, and noted Barber Lake remains only partially contracted with a 2.6 GW development pipeline including Odessa and Black Pearl.