Cipher Mining vs IREN
Both are primarily Data Center Operators (Colo) companies. IREN is larger by market cap ($14.1B vs $5.6B). IREN reports higher tracked revenue ($707M vs $224M).
Track the chain
What moved in the semiconductor supply chain — This Week in the Chain, the free weekly wafergraph briefing.
Subscribe to the free weekly briefing →
Free · no login · 615 companies, updated weekly
Side-by-side
| Cipher Mining | IREN | |
|---|---|---|
| Market cap | $5.6B | $14.1B |
| Revenue | $224M (FY2025) | $707M (FY2026) |
| Primary segment | Data Center Operators (Colo) | Data Center Operators (Colo) |
| Market position | niche | challenger |
| Country | United States | Australia |
| Tracked suppliers | 4 | 7 |
| Tracked customers | 5 | 5 |
| Chokepoint / criticality | 6/100 | 7/100 |
Market caps/revenue from the wafergraph dataset · data as of 2026-10-09. Criticality is a graph-derived chokepoint score (0–100). Coverage is partial; "Unpriced" means no reliable market cap.
How Cipher Mining and IREN compare
- Size: IREN is the larger company by market cap.
- Revenue: IREN reports higher tracked revenue.
- Supply-chain criticality: IREN has the higher chokepoint score (7/100 vs 6/100).
- Footprint: Cipher Mining (United States) vs IREN (Australia).
Company hubs
Open the interactive comparison tool →
Cite as: wafergraph, “Cipher Mining vs IREN”, https://wafergraph.com/compare/cipher_mining-vs-iren (data as of 2026-10-09).
Frequently asked questions3
- Is Cipher Mining bigger than IREN?
- IREN is larger by market cap ($14.1B vs $5.6B).
- What's the difference between Cipher Mining and IREN?
- Cipher Mining is a niche in Data Center Operators (Colo) based in United States; IREN is a challenger in Data Center Operators (Colo) based in Australia. Both operate in the AI & Data Center segment.
- Who are Cipher Mining's and IREN's suppliers?
- wafergraph tracks 4 suppliers for Cipher Mining and 7 for IREN.