Cipher Digital Shares Under $20 Draw Rotation Into AI Power Leases

On May 21 2026, two market commentaries spotlighted Cipher Digital (formerly Cipher Mining) as investors rotate from expensive AI software into physical infrastructure. The company secured a 15-year $5.5 billion AWS lease and a 10-year $3.8 billion Google/Fluidstack lease covering 600 MW, with energization slated for October 2026 and projected average annualized NOI of $669–754 million. Shares trade below $20 against a $30 analyst target, supported by a 3.4 GW pipeline and 6.5-times oversubscribed bonds, though near-term GAAP losses, heavy debt, and a Q4 2025 revenue miss keep execution risk elevated.