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Cipher Digital

Closed (deSPAC)

Information Technology · Bitcoin mining and cryptocurrency mining operations

What it is
Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers in the United States
What it’s doing now
Merging with GOOD WORKS ACQUISITION CORP. (GWAC) — closed (despac).
What you should know
Data is still being assembled for this company — what is shown below is everything we have verified so far.

The business, per its filings

SEC primary

Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers in the United States. Cipher is dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure. Together with its diversely talented team and strategic partnerships, Cipher aims to be a market leader in bitcoin mining growth and innovation. To learn more about Cipher, please visit https://www.ciphermining.com/ .

Source: S-4/A, accession 0001193125-21-224426

What the company says about itself

Web research — not audited

Cipher Digital develops and operates industrial-scale data centers purpose-built for next-generation compute, delivering hyperscale infrastructure with uncompromising performance and reliability.

Markets:
Data Center Infrastructure | Hyperscale Computing
Products:
Industrial-scale data centers
What our web check found

[WEB-INTEL 2026-08-26] 11 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Cipher Mining is set to come out of the SPAC merger with $595 million in gross cash. That includes $170 million in cash held in Good Works' ..." [https://finance.yahoo.com/news/bitcoin-news-13-things-know-170226158.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The GWAC-Cipher merger is expected to close in the second quarter of 2021. value of $2. ..." [https://marketrealist.com/p/buy-gwac-spac-stock-before-cipher-merger/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "On Aug 30th 2021, NASDAQ stock GWAC () was renamed to CIFR (Cipher Mining, Inc.)." [https://stocklight.com/stocks/us/nasdaq-gwac/good-works-acquisition] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "It raised $1.4 billion and a $333 million tack-on at 7.125% for Barber Lake, plus $2.0 billion at 6.125% for Black Pearl, fully funding" [https://www.stocktitan.net/sec-filings/CIFR/8-k-cipher-mining-inc-reports-material-event-1526f76ddace.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The company completed three high-yield bond offerings totaling $3.73 billion to fully fund its Barber Lake and Black Pearl data centers, lifting total assets to $4.29 billion and long-term borrowings to $2.71 billion as of December 31, 2025" [https://www.stocktitan.net/sec-filings/CIFR/8-k-cipher-mining-inc-reports-material-event-1526f76ddace.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "supporting about $9.3 billion of contracted revenue and roughly $669 million of average annual NOI." [https://www.stocktitan.net/sec-filings/CIFR/8-k-cipher-mining-inc-reports-material-event-1526f76ddace.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "2025 GAAP net loss expanded to $822.2 million, or $2.15 per share" [https://www.stocktitan.net/sec-filings/CIFR/8-k-cipher-mining-inc-reports-material-event-1526f76ddace.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Long-term borrowings reached $2.71 billion and warrant liability was $525.2 million as of December 31, 2025" [https://www.stocktitan.net/sec-filings/CIFR/8-k-cipher-mining-inc-reports-material-event-1526f76ddace.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Cipher burned through $701 million in free cash flow in 2025, up from $390 million in 2024. The company has funded this through $5.2 billion in ..." [https://www.tikr.com/blog/cipher-digital-has-11-4-billion-in-contracted-revenue-and-still-trades-19-below-its-52-week-high] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Cipher Digital stock last closed at $15.76, down 8.58% from the previous day, and has increased 167.12% in one year." [https://www.wallstreetzen.com/how-to-buy-cipher-digital-stock] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "As of 21-Aug-2026 the ..." [https://pitchbook.com/profiles/company/462345-85]

Source: https://cipherdigital.com/ · captured Aug 26, 2026 · marketing claims are reported as claims, never merged into the filed figures above.

The deal it’s entering

Cipher Digital is merging with GOOD WORKS ACQUISITION CORP. (GWAC) currently marked Closed (deSPAC).

Headline equity value—
PIPE≈ $375M · unsourced

Structure per SEC accession(s) 0001193125-21-161188. How to read these numbers: headline vs effective valuation · what a definitive agreement commits

What exactly is being valued, and at what

Common questions

Is Cipher Digital going public?

Cipher Digital has an approved merger with the SPAC GOOD WORKS ACQUISITION CORP. (GWAC). Deal status: Closed (deSPAC).

Does Cipher Digital have revenue?

The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.

Educational content, not investment advice.

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