Cipher Mining Inc. (CIFR) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 05, 2026

Risk Assessment Details

Potential Dilution: 112.29% of current shares
Recent Dilution: 26.55% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
410M
Potential Supply
450M
Additional shares possible
Splits
None
Past 2 years

Summary

CIFR currently has 405M outstanding shares. with significant dilution risk as 455M authorized shares could dilute existing holders by 112.3%. The company has significantly diluted shareholders by 26.55% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 05, 2026

10-Q filing | 405.1M shares outstanding

410M 450M
Nov 20, 2025

8-K filing: Cipher Mining Inc. amended its warrant agreement with Google, adjusting the Top-Up Threshold from $430 million to $435 million, and Cipher Compute LLC intends to offer up to $333,000,000 aggregate principal amount of 7.125% senior secured notes due 2030 in a private offering.

380M 450M
Aug 07, 2025

10-Q filing | 375.1M shares outstanding

380M 450M
May 06, 2025

10-Q filing | 360.5M shares outstanding

360M 450M
Feb 25, 2025

10-K filing | 361.5M shares outstanding

360M 450M
Oct 31, 2024

10-Q filing | 332.7M shares outstanding

330M 450M
Aug 13, 2024

10-Q filing | 314.4M shares outstanding

310M 450M
May 07, 2024

10-Q filing | 304.4M shares outstanding

300M 450M
Mar 05, 2024

10-K filing | 296.5M shares outstanding

300M 450M
Dec 08, 2023

8-K filing: The company closed under its previously announced PSA, delivering 2,397,424 shares of the company's common stock as purchase price.

250M 450M
Nov 08, 2023

10-Q filing | 251.8M shares outstanding

250M 450M
Aug 08, 2023

10-Q filing | 249.1M shares outstanding

250M 450M
May 09, 2023

10-Q filing | 248.7M shares outstanding

250M 450M
May 04, 2023

S-3 filing: Cipher Mining Inc. is offering 187,109,827 shares of common stock offered by the selling securityholder.

250M 450M
Mar 14, 2023

10-K filing | 248.2M shares outstanding

250M 270M
Nov 14, 2022

10-Q filing | 247.5M shares outstanding

250M 270M
Sep 21, 2022

S-3 filing: Cipher Mining Inc. files an S-3 to offer common stock, preferred stock, shares of common stock offered by selling securityholders, and shares of common stock underlying warrants, with a total proposed amount of $500,000,000.

250M 270M
Aug 09, 2022

10-Q filing | 247.7M shares outstanding

250M 57M
May 10, 2022

10-Q filing | 247.5M shares outstanding

250M 57M
Apr 22, 2022

POS AM filing: This is a POS AM filing for Cipher Mining Inc. relating to the offer and sale of 13,742,842 shares of common stock, 85,500 private placement warrants, 8,500,000 shares of common stock upon exercise of public warrants and 114,000 shares of common stock upon exercise of private placement warrants.

250M 57M
Mar 04, 2022

10-K filing | 250.2M shares outstanding

250M 93M
Jan 21, 2022

S-1 filing: This S-1 filing is for the offer and sale of common stock and warrants by selling securityholders, as well as the offer and sale of common stock issuable upon the exercise of public and private placement warrants.

250M 93M
Nov 12, 2021

10-Q filing | 246.4M shares outstanding

250M 57M
Sep 24, 2021

S-1 filing: This S-1 filing relates to the offer and sale from time to time by the selling securityholders of up to 42,035,500 shares of common stock.

21M 57M
Aug 25, 2021

8-K filing: Holders of 12,836,682 shares of Common Stock exercised their right to redeem their shares for cash at a redemption price of approximately $10.00 per share, for an aggregate redemption amount of $128,366,820. ($128.37M proceeds)

21M 15M
Aug 10, 2021

10-Q filing | 21.5M shares outstanding

21M 15M
May 07, 2021

10-Q filing | 21.5M shares outstanding

21M 15M
Mar 05, 2021

8-K filing: Good Works Acquisition Corp. entered into an agreement to merge with Cipher Mining Technologies Inc., involving the issuance of Good Works common stock in exchange for Cipher common stock and additional private placements. ($375.0M proceeds)

21M 15M
Feb 17, 2021

10-K filing | 21.5M shares outstanding

21M 15M
Dec 03, 2020

10-Q filing | 21.5M shares outstanding

21M 15M
Nov 24, 2020

8-K filing: Good Works Acquisition Corp. consummated its initial public offering of 15,000,000 units at $10.00 per Unit, generating gross proceeds of $150,000,000, consummated a private placement of 228,000 units at $10.00 per unit generating proceeds of $2,280,000, and underwriters purchased an additional 2,000,000 over-allotment units at $10.00 per unit generating proceeds of $20,000,000. In connection with the cancellation of the remainder of the Over-Allotment Option, the Company will cancel an aggregate of 62,500 shares of common stock issued to I-B Good Works LLC. ($172.28M proceeds)

N/A 15M
Oct 28, 2020

8-K filing: Good Works Acquisition Corp. consummated its initial public offering of 15,000,000 units at $10.00 per unit, generating gross proceeds of $150,000,000, and also completed a private sale of 228,000 units at $10.00 per unit, generating gross proceeds of $2,280,000. Additionally, the underwriters purchased 1,500,000 Over-Allotment Units at $10.00 per unit, generating additional gross proceeds of $15,000,000 to the Company. ($167.28M proceeds)

N/A 15M
Oct 09, 2020

S-1/A filing: This S-1/A filing relates to a proposed offering of units including common stock and warrants. The company agrees to cover expenses related to the offering.

N/A 15M
Oct 07, 2020

S-1/A filing: S-1/A filing for an offering of units at $10.00 per unit, with anchor investors expressing interest to purchase $60,000,000 of units.

N/A 15M
Aug 25, 2020

S-1 filing: The company is offering units at a price of $10.00 per unit, with a total proposed amount of $150,000,000. The units are intended to be listed on The Nasdaq Capital Market under the symbol "GWACU."

N/A 15M
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