Cipher Digital Inc. (CIFR), previously a Bitcoin mining company, is now pivoting to operate as a hyperscale data center landlord, driven by the increasing demand for AI infrastructure. Under the leadership of CEO Tyler Page, the company has secured long-term, investment-grade leases with major tech giants Amazon Web Services (AWS) and Google. This strategic shift is expected to generate stable, high-margin cash flows starting in late 2026. Analysts have noted that CIFR's net asset value (NAV) per share is estimated at $14.5, compared to its current market price of $12.82, indicating potential undervaluation. The company is also developing a robust pipeline of 3.4 gigawatts (GW) of capacity, which could further enhance its market position. Analysts have issued a Buy rating based on anticipated catalysts such as the commencement of rent, successful execution of its pipeline, and new contracts with hyperscalers. However, they also caution about risks related to construction, dilution, and customer concentration.