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Cipher Digital's transformation from Bitcoin miner to AI-infrastructure landlord is becoming easier to value because the company now has a real hyperscaler customer. Morgan Stanley raised its price target on September 18 to $54 from $43.50 while keeping an Overweight rating. A major asset supporting Cipher's AI-infrastructure thesis is a 15-year, roughly $5.5 billion lease at Cipher's Black Pearl site with Amazon.com, Inc. (NASDAQ:**AMZN**).
For Cipher Digital Inc. (NASDAQ:**CIFR**), the trade is no longer simply that old mining sites might someday host AI. It is whether long-term cloud contracts can justify the capital required to turn power into data-center capacity. Cipher Digital Inc. (NASDAQ:CIFR) agreed to provide about 300 megawatts at Black Pearl to Amazon Web Services under a 15-year arrangement.
Cipher began delivering capacity in August 2026, two months ahead of schedule, and said rent had commenced. Cipher also has a separate Barber Lake transaction backed by Google, which adds another hyperscaler validation point. The bull case is that powered sites with interconnection rights have become scarce enough that Cipher can monetize land and electricity at infrastructure-like contract values rather than crypto-cycle multiples.
Morgan Stanley Just Put a $54 Target on This Former Bitcoin Miner. Amazon Is Already a Customer The bear case is financing and execution. A long lease only becomes valuable after the data center is built, commissioned and delivered on schedule.
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