Rosenblatt Securities raised its price target on Cipher Mining (NASDAQ: CIFR) to $14, framing the company’s first HPC hosting agreement as a transformational step beyond bitcoin mining. This price target implies 17.7% upside from the current price of $11.89 per share.
The updated analysis centers on Cipher’s 10-year, 168 MW lease to Fluidstack (244 MW total capacity) that begins in October 2026, which carries $3 billion in contracted payments and extension options that could expand the deal value to $7 billion. Rosenblatt expects the contract to generate 80–85% adjusted EBITDA margins and yield about 14.8% against estimated capital spending of $9 million–$11 million per MW.
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Google has agreed to backstop $1.4 billion of Fluidstack’s obligations to Cipher’s, a key feature of the deal that reduces financing risk and improves Cipher’s cost of capital. In exchange, Google will receive warrants on roughly 24.2 million Cipher shares, or about a 5.4% pro forma stake. Rosenblatt’s stipulates that Google’s support should help Cipher access debt on more favorable terms.
Rosenblatt also highlights Cipher’s extensive 2.4 GW development pipeline which could drive additional HPC contracts in the months ahead. Although the initial terms are slightly less attractive than those secured by peers, Rosenblatt believes Cipher had strong incentives to complete its first deal and establish market credibility.
On valuation, Rosenblatt raises its target from $9 to $14 based on a multiple of 15x its new 2027 adjusted EBITDA estimate, a premium over peers reflecting Cipher’s expected stability of long-term hosting revenue and an improved financial profile. The firm reiterates a buy rating, citing the shift toward predictable, high-margin HPC revenue alongside growing bitcoin mining operations.
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At time of publication, CIFR is up 3.7%.
