Cipher Mining big pump 209%: Can this wave continue?

An interesting phenomenon: This year, Cipher Mining's stock has risen by 209.5%, while its peers?

• Cleanspark rise 19%
• Riot Platforms rise 36.7%
• Hut8 rise 80.3%

CIPR takes off directly, with two core reasons: the rise in Bitcoin price + Black Pearl mining farm operating at full capacity.

Hard power is here

According to the data from Q3 2025, CIFR performed well:

• Mined 629 BTC, earning 72 million USD
• The computing power increases from 423MW to 477MW
• The efficiency of a single Black Pearl site reaches 13.9 joules/T, top configuration in the industry.
• Self-mining has reached 23.6EH/s, this indicator directly exceeds expectations.

A lot of big orders have been received.

Three major backers: Amazon Web Services, Fluidstack, Google

AWS Contract: 15-year agreement, 300MW high-performance computing power, expected revenue of $5.5 billion, delivery starts next July.

Google+Fluidstack Contract: 10 years of 168MW AI computing power, expected revenue of 3 billion USD (could reach 7 billion in 20 years). Interestingly, Google directly invested 1.4 billion USD to support, in exchange for 5.4% equity in Cipher.

In total, the AI hosting contracts are valued at $8.5 billion. This number is quite impressive.

But there are also many problems.

The stock price has risen by 209%, but the valuation has not kept up—this is the problem.

Forward P/S Ratio: CIFR is 15.53 times, while the industry average is only 2.54 times. Even compared to peers, it is expensive:

• Cleanspark: 3.21 times
• Riot Platforms: 7.04x
• Hut8: 9.53x

CIPR valuation is significantly premium. Moreover, the depreciation of new equipment and electricity costs are also increasing as network difficulty rises, all of which will compress profits.

Earnings report expectations are a bit disappointing: Q4 is expected to lose $0.1 per share (expectations have been downgraded), with an annual loss of $0.37 per share. Although revenue increased by 64% year-over-year to $268 million, it will take time to become profitable.

What should we do now

Zacks' rating is Hold (Level 3). In other words:

✓ Strong fundamentals (large clients + efficient computing power + long-term contracts) ✗ But the price is too expensive now.

→ Opinion: One should not take over now; wait for a pullback or positive financial report before considering. The risks for this type of company lie in Bitcoin price fluctuations + valuation pressure, so a more reasonable entry point must be waited for.