Overview
- ERCOT's Batch Zero process published results on Wednesday that validated up to 3.2 gigawatts of preliminary grid capacity for Cipher Digital's Texas portfolio.
- Cipher posted site-level disclosures on X listing roughly 3.1 gigawatts of new power designations across six facilities, including Conditional Base Load for Colchis (1,000 MW) and Stingray (100 MW).
- Three sites are already operational with 807 MW in service at Barber Lake, Black Pearl and Odessa, and two additional sites — Reveille (70 MW) and Ulysses (200 MW) — have full grid approval.
- Cipher's stock rose about 14% after the announcements, touching a session high of $17.58, and Wall Street maintains a Strong Buy consensus with an average $30.59 price target.
- The ERCOT classifications are provisional and require Cipher to complete an audit before final site tags are published in December, a step that will determine which conditional allocations become firm and affect project financing and build schedules.