Canaccord Lifts Cipher Price Target to $16 as Miner Expands into AI

Cipher Mining Accelerates AI Pivot, Canaccord Lifts Price Target to $16 – 29/9/2025

Cipher Mining (CIFR) made a major strategic move last week, signing a significant AI hosting deal for its Barber Lake facility and completing a $1.1 billion convertible note offering—actions that analysts say could redefine the company’s trajectory.

Broker Canaccord Genuity reiterated its buy rating on CIFR and raised the price target to $16 from $12. Shares gained 1.2% in early trading to roughly $11.60.

While expectations were high that Cipher would secure an AI data center partner before year-end, the announcement exceeded market forecasts. The company partnered with Fluidstack, backed by Google, confirming its place in the growing “miner pivot-to-AI” trend.

The deal coincides with a wave of contracts from hyperscalers and GPU cloud providers, signaling strong near-term demand for large-scale AI computing and alleviating concerns over market size, according to analysts led by Joseph Vafi.

Cipher’s recent stock performance has strengthened its capital-raising ability. The $1.1 billion convertible note, issued at a 0.00% coupon, provides cost-effective financing and allows the company to maintain full ownership of Barber Lake. Earlier, management had considered selling a stake to reduce leverage, but favorable equity pricing and market conditions now make external equity unnecessary.

Future AI deals appear likely. Barber Lake still has available capacity, and Cipher’s 2.6 GW development pipeline, including energized sites like Odessa and the ramping Black Pearl facility, could support additional AI co-location agreements, the report added.