Is Cipher Digital Stock Expensive, Or Just Early?

At about $15.90 a share, Cipher Digital (CIFR) trades at 34.1 times sales, against 3.1 for the S&P 500, while its quarterly revenue falls. But those sales were booked before its data centers collected any rent. What you are buying is three leases, the debt raised to build them, and a pipeline tied largely to the Texas grid.