Cipher Mining (CIFR) just delivered one of the most consequential weeks in its history, announcing a major AI hosting deal for its Barber Lake facility and a $1.1 billion convertible note offering, moves that together may redefine the company’s trajectory, broker Canaccord Genuity said in a report on 0 reiterated its buy rating on the stock and raised its price target to $16 from $12. The shares rose 1.2% in early trading to around $11.60. While the market had been expecting Cipher to secure an AI data center partner for Barber Lake before year-end, last week’s announcement went further than anticipated, the report 1 inked an agreement with Fluidstack, backed by Google , confirming its place in the “miner pivot-to-AI” trend that is sweeping the industry.
Crucially, the deal arrived in during a flurry of hyperscaler and GPU cloud provider contracts, helping to validate demand for large-scale AI compute and putting to rest some concerns about market size, at least in the near term, analysts led by Joseph Vafi 2 positive sentiment around Cipher's prospects has been reflected in its share price over the past several months, giving the company a stronger currency for capital raising, the analysts 3 $1.1 billion convertible note priced last week at a 0.00% coupon, an unusually attractive cost of capital, and is expected to allow the company to retain 100% ownership of Barber Lake, Canaccord 4 had earlier signaled that it might be willing to sell a stake in the project to reduce 5 improved equity pricing and stronger market fundamentals, the company appears positioned to fund Barber Lake without giving up 6 AI deals are 7 Barber Lake agreement does not cover the entire facility, leaving meaningful capacity available for future 8 a 2.6 gigawatt (GW) development pipeline, energized sites like Odessa and the ramping Black Pearl could also see AI co-location deals in the future, the report 9 more: Cipher Mining Prices $1.1B Upsized Convertible Note Offering
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