Cipher Mining is a Bitcoin mining company that now also operates in high-performance computing infrastructure.
It has landed deals with Fluidstack for at least $3.8 billion and Amazon Web Services for $5.5 billion.
Once purely a Bitcoin mining company, Cipher Mining (NASDAQ: CIFR) announced a pivot to high-performance computing (HPC) in late 2024. It's still reliant on mining operations for now. Over the first three quarters of 2025, it earned $164.2 million, all from Bitcoin mining.
Even though the HPC infrastructure initiative isn't reflected in Cipher's financials yet, early indications suggest that it could unlock significant new revenue streams.
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Many mining companies have shifted their operations toward artificial intelligence (AI) and HPC data centers in recent years. What sets Cipher apart is that it has quickly landed massive deals with major tech companies.
In September 2025, Cipher announced an HPC colocation agreement with Fluidstack, an AI cloud platform. The initial 10-year term is worth approximately $3 billion, and the deal includes two five-year extension options that would bring the total value to approximately $7 billion. In November, Cipher and Fluidstack signed an additional AI hosting agreement worth approximately $830 million, or approximately $2 billion if both extensions are exercised.
Also in November, Cipher announced a 15-year lease agreement with Amazon Web Services (AWS) to provide turnkey space and power for AI workloads. The deal is worth approximately $5.5 billion.
Cipher stock is up 255% over the last year, and it's now trading at 32 times trailing sales as of Jan. 12. It's expensive by that metric, but sales could ramp up quickly in 2026. Lease payments are expected to start in August for the AWS deal, and in October for the Fluidstack deal.
Each agreement could generate hundreds of millions of dollars in annual revenue for Cipher. With that in mind, and given the rising demand for AI infrastructure, this blockchain stock could have massive growth potential.
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Lyle Daly has positions in Bitcoin. The Motley Fool has positions in and recommends Amazon and Bitcoin. The Motley Fool has a disclosure policy.