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Analyst remains bullish on Cipher after 2.5 GW energy expansion in Texas

Jayson Derrick
Edited by
News
Analyst remains bullish on Cipher after 2.5 GW energy expansion in Texas

Analysts at H.C. Wainwright & Co. believe Cipher’s recent acquisition in Texas will enhance its strategic operations.

Cipher recently announced the acquisition of a 300 MW development site in West Texas, increasing its total energy pipeline to over 2.5 GW across 10 locations, according to analysts at H.C. Wainwright.

The deal, valued at $67.5 million or $225,000 per MW, also includes a $3 per MWh variable fee for the first five years post-energization. This acquisition is notable for its front-of-the-meter capacity, a fully energized substation, and 250 acres of surrounding land.

While the company’s management did not provide details on construction and energization timelines, they highlighted the site’s potential for high-performance computing infrastructure and Bitcoin (BTC) mining. 

Acquisition details

The analysts view the acquisition as a strategic move to secure low-cost power in West Texas, a region known for its attractive energy pricing, likely ranging between 2 and 3 cents per kWh. 

The full build-out of the site could require an additional $67.5 million, assuming its use for BTC mining.

The research firm reiterated their Buy rating of Cipher’s stock, with a $7 price target, reflecting a 7.0x market cap-to-revenue multiple on their 2025 revenue estimate of $313.5 million. However, risks include BTC price volatility, increasing network hash rates, and potential shareholder dilution.

At the time of writing, Cipher’s stock, ticker CIFR, is trading at $3.70.