As of Q4'25, CIFR's P/S Ratio stands at 60.88, marking a substantial increase from the previous quarter's 43.56. This latest data point represents the highest value observed in the period covered, indicating a significant upward shift in valuation relative to sales. From Q1'23 to Q4'24, the P/S Ratio generally declined from 19.97 to a low of 6.66 in Q4'23, followed by a period of moderate fluctuation between 7.42 and 12.06 through Q2'25. However, starting in Q3'25, the ratio surged sharply, more than tripling to 43.56 and then rising further to 60.88 in Q4'25. This recent spike suggests a dramatic change in market sentiment or company fundamentals, reversing the prior downward and stable trend observed over the previous quarters.