Cipher Mining Accelerates AI Expansion, Canaccord Lifts Price Target to $16 – 29/9/2025
Cipher Mining (CIFR) took a major step forward last week, unveiling a high-profile AI hosting deal for its Barber Lake facility and completing a $1.1 billion convertible note offering—actions that analysts say could redefine the company’s growth trajectory.
Canaccord Genuity maintained its buy rating on CIFR and raised the price target to $16 from $12. Shares rose 1.2% in early trading, reaching roughly $11.60.
The AI agreement with Fluidstack, backed by Google, exceeded market expectations and positions Cipher firmly in the ongoing “miner pivot-to-AI” trend. Analysts highlighted that the deal aligns with a surge in hyperscaler and GPU cloud provider contracts, signaling strong demand for large-scale AI compute.
Cipher’s improved share price also strengthens its financing position. The $1.1 billion convertible note, issued at a 0.00% coupon, allows the company to maintain full ownership of Barber Lake, avoiding equity dilution. Management had previously considered selling a stake to reduce leverage, but better market conditions and stock performance now make this unnecessary.
Additional AI opportunities remain. The Barber Lake facility still has available capacity, and Cipher’s 2.6 GW development pipeline, including energized sites like Odessa and the ramping Black Pearl, could support further AI co-location deals, analysts noted.
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