Cipher Mining Inc. (NASDAQ:CIFR) is one of the AI Stocks on Market Radar. On December 23, Compass Point reiterated a “Buy” rating on the stock with $28 price target. Firm analysts view Ulysses site as a strategic win for CIFR, aligned with HPC growth ambitions.
Cipher Mining announced on Tuesday that it has acquired a 200MW Ulysses site in Ohio, representing its first ever acquisition outside of Texas.
“Cipher Mining is busier than Santa’s helpers with this morning’s announcement of its 200MW Ulysses site in Ohio, representing the company’s first acquisition outside of Texas and a clear proof-point that management is actively sourcing beyond ERCOT.”
According to Tyler Page, CEO of Cipher, Hyperscalers have been driving unprecedented demand for large-scale sites, and Cipher is continuing to seize the opportunity by shaping the future of high-performance computing infrastructure.
The new site offers CIFR additional capacity to continue expanding its HPC hosting business. Compass Point noted how this acquisition offers CIFR entry into the PJM market, which is a key region for AI and HPC demand.
The Ulysses site includes 195 acres of land with secured capacity from AEP Ohio, having all necessary utility agreements and interconnection approvals in place. It is expected to begin operations in the fourth quarter of 2027.
“Strategically, we view PJM-located capacity as carrying a premium given the density of end-demand, and Ulysses’ 4Q27 go-live provides a more material bridge of deliverable MWs ahead of the company’s larger wave of sites expected to come online in 2028. With energization targeted in 4Q27 and RFS largely aligning, the site is positioned as a medium-term HPC-ready asset given its acreage, availability of diverse fiber paths, and proximity to a major metropolitan area, consistent with Cipher’s broader push to expand its HPC hosting footprint alongside its core bitcoin mining operations.
The firm describes the facility as “buying de-risked time-to-power inventory,” with reduced early-stage friction due to settled interconnection and utility agreements. It anticipates near-term value creation to come from hosting announcements and a clearer build plan.
“With the addition of Ulysses, Cipher noted its development pipeline now totals 3.4GW across eight sites; financial terms were not disclosed in the announcement. Based on our overall bullish view on bitcoin and the company’s execution on site development and deal signing, we maintain our Buy rating and $28 price target.”
Cipher Mining Inc. (NASDAQ:CIFR) is a technology company that develops and operates industrial scale data centers for bitcoin mining and HPC hosting.
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