Cipher Digital Raises $3.73B, Locks in 600MW HPC Leases with AWS and Google
In FY2025 Q4, Cipher Digital rebranded, sold its 49% stakes in three 40MW ventures for $40 million and secured 15-year 300MW AWS and 10-year 300MW Fluidstack/Google HPC leases. It raised $3.73 billion via high-yield notes at 6.125%–7.125% to finance Barber Lake and Black Pearl builds.
1. Rebranding and Asset Divestiture
Cipher Digital officially changed its name from Cipher Mining to reflect a shift from bitcoin mining to high-performance computing data center development. The company sold its 49% interest in three 40MW joint-venture sites—Alborz, Bear and Chief—for approximately $40 million in an all-stock transaction to simplify operations and focus on core infrastructure.
2. Secured Hyperscale Customer Leases
The company upsized a 10-year, 300MW lease with Fluidstack and Google and signed its first HPC lease with AWS for 300MW over 15 years, bringing total contracted HPC capacity to 600MW. These long-duration agreements provide stable, predictable cash flows and position Cipher Digital as a supplier to top hyperscale tenants.
3. High-Yield Bond Financings and Project Progress
Cipher Digital completed three senior secured note offerings totaling $3.73 billion—$1.4 billion and $333 million at 7.125%, and $2.0 billion at 6.125%—to fund its Barber Lake and Black Pearl data centers. Both developments remain on schedule, with Barber Lake securing 95% of long-lead equipment and Black Pearl advancing through engineering and construction phases.