NEW YORK, July 21, 2026, 14:15 EDT
- Cipher shares climbed 15.6% to $23.75, bringing their gain over two sessions to 35.2%.
- The increase was 2.2 times higher than the median rise seen among four data-center peers. Bitcoin gained 0.9%.
- Morgan Stanley maintained its Overweight rating, lowering its price target to $47.
Cipher Digital Inc. NASDAQ:CIFR surged 15.6% to $23.75 on Tuesday, extending its two-day advance to 35.2%. U.S. cash markets stayed open.
The divergence from its benchmark assets increased significantly. Bitcoin climbed 0.9%, as four data-center peers saw a median rise of 7.0%. Cipher advanced by a factor of 2.2 compared to that median.
The gap is notable, as Cipher’s most recent reported results listed just one segment: Bitcoin Mining. As of March 31, the data-center leases had not commenced, so there was no revenue recorded from them.
Key prices and movements at approximately 14:00 EDT included:
| Company or asset | Price | Session move |
|---|---|---|
| Cipher Digital Inc. NASDAQ:CIFR | $23.75 | up 15.6% |
| Applied Digital Corp. NASDAQ:APLD | $30.43 | up 9.3% |
| Hut 8 Corp. NASDAQ:HUT | $108.94 | rising 7.9% |
| TeraWulf Inc. NASDAQ:WULF | $19.99 | up 6.0% |
| IREN Ltd. NASDAQ:IREN | $41.63 | increased 3.6% |
| Bitcoin | $66,257 | up 0.9% |
The surge was not prompted by any new company announcement. Cipher’s investor website listed no press releases after June 16. The most recent SEC filing was a Form 4 dated July 10.
AI-related stocks recovered on Wall Street, with the Philadelphia semiconductor index climbing 4.6%. The technology sector posted a 2% advance, leading gains among S&P 500 sectors.
Adam Turnquist, chief technical strategist at LPL Financial Holdings Inc. NASDAQ:LPLA, stated, “Fundamentally, we don’t think anything has really changed.” Turnquist anticipates ongoing chip volatility as crowded trades adjust. Reuters
Morgan Stanley NYSE:MS has revised its outlook on Cipher. Analyst Stephen Byrd maintained an Overweight rating, lowering the price target to $47 from $48.50.
The bank lowered its bitcoin-related valuation by nearly $600 million. Despite this, Cipher shares advanced during both Monday and Tuesday trading sessions. The divergence indicates that anticipated AI revenue streams are playing a larger role.
Present account figures are still well below that valuation. Revenue for the first quarter came in at $34.8 million, generated entirely from bitcoin mining. The net loss totaled $114.3 million.
Cipher had a market capitalization near $9.62 billion as of Tuesday afternoon. This represents approximately 69 times annualized revenue for the first quarter. The initial estimate is a straightforward run-rate calculation and does not reflect official company guidance.
The revenue bridge is scheduled for release later this year. Work at Barber Lake was anticipated to commence in September 2026. Black Pearl’s staged 300-megawatt rollout was slated to start at some point in 2026.
Chief Executive Tyler Page described 2026 as “the year of execution” in May. The present valuation puts a spotlight on those construction timelines for the stock. GlobeNewswire
Risks: Cipher needs to achieve construction milestones, commence rental activities, and manage expenses. As of March 31, the company disclosed $4.38 billion in long-term debt and $1.57 billion in obligations to suppliers. Bitcoin risk persists until high-performance-computing rental operations expand.
