NEW YORK, July 20, 2026, 18:10 EDT
- Cipher ended the session at $20.54, rising 17.0%, with 40.8 million shares traded.
- The rebound recouped roughly two-thirds of the dollar loss from the previous week.
- AI data center firms surpassed Bitcoin’s performance; Alphabet’s results are due Wednesday.
Cipher Digital Inc. NASDAQ:CIFR climbed 17.0% to reach $20.54 on Monday. U.S. cash markets closed before the dateline. The share price had fallen 20.6% over the previous week.
The recovery is notable as Bitcoin advanced just 1.1% by 18:10 EDT. In comparison, data-center peers tied to AI saw significantly larger gains. The Nasdaq Composite fell 0.05%.
Trading volume in the regular session hit 40.8 million shares, double the daily average from last week. Cipher, however, was still 7.1% lower than where it ended on July 10.
Monday’s results highlight the divide:
| Asset | Price or level | Monday change |
|---|---|---|
| Cipher Digital Inc. NASDAQ:CIFR | $20.54 | up 17.0% |
| IREN Ltd. NASDAQ:IREN | $40.20 | rising 19.8% |
| Applied Digital Corp. NASDAQ:APLD | $27.85 | up 8.0% |
| TeraWulf Inc. NASDAQ:WULF | $18.86 | gaining 3.8% |
| Bitcoin | $65,145 | up 1.1% |
| Nasdaq Composite | 25,508.07 | down 0.05% |
Equity values reflect regular session closing levels. Bitcoin price as of 18:10 EDT.
The dispersion points to activity in data centers rather than indicating a general move in crypto. Cipher’s investor website did not display any press releases issued since June 16.
From Wall Street, Morgan Stanley NYSE:MS analyst Stephen Byrd reaffirmed his Overweight rating while reducing his price target to $47, down from $48.50.
Byrd trimmed his bitcoin mining valuation by approximately $600 million, shifting investor attention more toward Cipher’s portfolio of contracted data centers.
Cipher announced 700 MW in contracted high-performance-computing capacity and expects $11.4 billion in revenue from 10- to 15-year base leases.
The company projects average annualized net operating income, or NOI, at $787 million. The outlook spans from October 2026 to September 2036.
With a market capitalisation of $8.32 billion on Monday, an initial estimate puts the figure at 10.6 times anticipated NOI. This market value also represents $11.9 million for each committed HPC megawatt.
These represent equity-value ratios, rather than enterprise-value multiples. Figures do not account for debt, company overhead or timing of deliveries. Bitcoin mining revenue for the first quarter stood at $34.8 million, with a net loss totaling $114.3 million. Adjusted EBITDA on a non-GAAP basis was a negative $48.2 million.
Tyler Page, CEO, said in May: “2026 is the year of execution for Cipher.” The upcoming milestone is physical delivery. Cipher Digital Inc.
Cipher stated that Amazon Web Services, a division of Amazon.com Inc. NASDAQ:AMZN, agreed to secure 300 MW for a 15-year period. Initial deliveries are set to commence in July. Rent payments are scheduled to begin in August, with full-scale capacity targeted for the fourth quarter.
The key sector update lands on Wednesday, when Alphabet Inc. NASDAQ:GOOGL delivers results after U.S. markets close. Cloud demand and capital expenditure are set to shape the outlook for data-center builders.
Risks: The primary uncertainties involve construction and financing. As of the end of March, Cipher disclosed total debt of $5.21 billion and net debt stood at $960 million. Subsequently, it issued $810 million in 6% secured Stingray notes. The parent company has guaranteed to complete the project if the proceeds fall short.
The data indicates that investors are currently prioritizing potential future AI-related revenue over mining profits. Monday’s gains only partially offset last week’s losses. Whether this gap remains will depend on execution.
