As of Q4'25, CIFR's EV/Sales ratio stands at 54.68, reflecting a significant increase compared to earlier quarters. This latest figure highlights a notable uptick from the previous quarter (Q3'25), where the ratio peaked at 122.93 before moderating. Over the period from Q1'23 to Q4'25, the EV/Sales ratio has exhibited considerable volatility, with pronounced spikes in Q3'24 (70.45) and Q3'25 (122.93). The trend shows intermittent surges followed by corrections, suggesting periods of heightened valuation relative to sales, possibly driven by market sentiment or company-specific developments. Despite these fluctuations, the ratio remains elevated compared to the levels seen in early 2023, indicating an overall upward trajectory in valuation multiples over the observed timeframe.