English Title:
What Needs To Be True To Buy Cipher Digital Stock Now?

中文标题：
现在买Cipher数字股票需要什么?

English Content:
Shares of Cipher Digital (CIFR) fell 12.8% on October 13, 2026, on a day the S&P 500 finished flat. Investors were evaluating a plan to raise $850 million through convertible notes that could eventually become shares. Cipher is taking on this debt to fund data center construction. During the second quarter of 2026, the company still generated its revenue from mining bitcoin, yet it has already secured tenants for three campuses. So how much income have those leases locked in? Cipher Digital Has Signed Tenants Into The 2030s Management stated in August that those three signed leases should generate about $793 million of net operating income a year, on average, from October 2026 through September 2036. The company has expanded its contracted revenue further since August. On September 25, 2026, Cipher extended the lease for its Barber Lake data center in Texas to 20 years. An artificial intelligence lab took the extra ten years, agreeing to occupy the site after the current tenant, Fluidstack, finishes its lease. That additional term represents about $5.2 billion of contracted revenue, the company noted. At the Black Pearl facility, Cipher delivered the first data center capacity in August. That milestone arrived two months ahead of the original schedule, and rent has already started. What Has Cipher Digital Not Shown Yet? Cipher still needs to demonstrate that these leases can make the business profitable. Revenue came in at $25 million during the second quarter of 2026, a decline from $35 million in the first. Management tied this drop to shutting down bitcoin mining at Black Pearl as the company shifts toward data center rent. For the past twelve months, Cipher recorded an operating loss equal to 209.6% of its sales, compared to an 18.5% operating margin for the S&P 500. Anyone buying the stock today pays for those leases, not for the current sales. Cipher trades at 24.3 times sales, compared to 3.1 times for the S&P 500. The sales behind that multiple still come from a mining business where management plans no further investment. Funding presents another open question. Cipher carries debt equal to 120.8% of its market value, far higher than the 20.1% for the S&P 500. Management stated in August that the business was well capitalized for its near-term commitments and, based on its current forecast, did not expect to need more equity. The convertible notes proposed in October act as debt for now. If they are eventually exchanged for shares, today's stockholders would own a smaller slice of the company.

中文正文：
Cipher Digital(CIFR)的股份在2026年10月13日的一天S&P500完成平整时下跌了12.8%. 投资者正在评估一项计划,通过可兑换纸币筹集8.5亿美元,这些纸币最终可能成为股票。 Cepher承担了这笔债务来资助数据中心的建设. 在2026年第二季度期间,公司仍然从采矿比特币中获得收入,然而它已经为三个校园获得了租户. 那么这些租约有多少收入? 密码数字有签名的租户 2030年代管理层在8月表示,这3个签定的租约从2026年10月至2036年9月,平均每年产生约7.93亿美元的净营业收入. 该公司自8月以来进一步扩大了合同收入。 2026年9月25日,塞弗将位于德克萨斯州的巴伯湖数据中心的租约延长至20年. 一个人工智能实验室花了额外的十年时间,同意在现租户Fluidstack完成租借后占领该地. 该公司指出,这一额外术语相当于约52亿美元的合同收入。 在Black Pearl设施,Cepher提供了第一个数据中心容量 奥古斯特 这一里程碑比原定时间表提前两个月到达,租金已经开始。 密码数字还没有显示什么? Cepher仍然需要证明这些租赁能够使企业盈利. 2026年第二季度的收入为2 500万美元,比第一季度的3 500万美元有所下降。 当公司转向数据中心租金时, 管理层将这一滴与关闭黑珍珠的比特币开采挂钩。 在过去的12个月里,Cepher记录了相当于其销售额的209.6%的运营损失,而S&P 500的运营保障率为18.5%。 今天买股票的任何人都要支付这些租赁,而不是目前的销售。 塞弗交易的销量为24.3倍,而S&P500的销量为3.1倍. 这一多重交易背后的销售仍然来自一个采矿业,在那里,管理层计划不再投资。 筹资是另一个未决问题。 Cipher背负的债务相当于其市场价值的120.8%,远高于S&P 500的20.1%。 管理层在8月表示,该企业的近期承诺资金充足,根据目前的预测,预计不需要更多的股本。 可兑换纸币 10月被提议成为现在的债务。 如果它们最终被交换成股份,今天的股东将会拥有公司中较小的一块.