HIGHBuilt-in & outside partyTenant
single-tenant properties
“10-K Item 1A: 'our data centers are single-tenant properties, and we expect future tenants at other sites in our pipeline to also want to be the only tenant'”
CIFR · Concentration risk · 10-K extracted
Cipher Digital (CIFR) concentration risks
Updated
The most significant concentration Cipher Digital discloses is single-tenant properties, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Cipher Digital’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
HPC tenants (Amazon and Fluidstack)
“10-K Item 1: 'we executed HPC leases with Fluidstack and Amazon, which represent a significant portion of our expected future revenues'”
MEDIUMOutside partySupplier
Luminant power supplier
“10-K Item 1: 'The power at the Odessa Facility is supplied by Luminant ET Services Company LLC ... under a power purchase agreement'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile combines a structural tenant model with specific customer and supplier dependencies that together define the risk landscape of an early-stage data center and bitcoin mining operator. The company's data centers are designed as single-tenant properties, and future pipeline sites are expected to follow the same pattern — a high-share, mixed-character concentration. The structural dimension is intentional: the single-tenant design reflects a deliberate product strategy tailored to large hyperscale and high-performance computing users, but it also means that occupancy at any facility is binary — a tenant is either present or the site generates no revenue. Layered on top are specific customer relationships in the high-performance computing business. Fluidstack and Amazon represent a significant portion of expected future revenues under executed HPC leases — a medium-share dependency concentration where the forward revenue profile is tied to two named counterparties. On the supply side, the power at the Odessa Facility is supplied by Luminant under a power purchase agreement, a medium-share dependency concentration: power is the primary operating input for data center and mining operations, and reliance on a single supplier at that site means power continuity risk is concentrated in one contractual relationship. The three exposures interact: the single-tenant structure and the two named HPC customers create a revenue concentration, while the Luminant dependency represents the key input risk beneath it. Investors should monitor customer lease status, HPC ramp timelines, and power contract terms at the Odessa site.
For the engine’s reasoning on CIFR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Information Technology Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CACI | CACI International, Inc. | 3 | 1 | 0 | 4 |
| CIFR● | Cipher Digital Inc. | 1 | 2 | 0 | 3 |
| BBAI | BigBear.ai, Inc. | 1 | 1 | 0 | 2 |
| ACN | Accenture plc | 0 | 0 | 0 | 0 |
| APLD | Applied Digital Corporation | 0 | 0 | 0 | 0 |
| BR | Broadridge Financial Solutions, | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.